Thanks for the response. The device is a AppleTV 4K (Model A1842).
For anyone else coming across this, the performance limiters are supported on A11 and newer CPUs according to https://developer.apple.com/documentation/metal/optimizing_performance_with_the_gpu_counters_instrument
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Since I can't attach a screen shot here nor provide a link to a screenshot on Flickr, I've opened a feedback with screen shot attached. FB7846981
Click on the user icon (looks like a person) in the upper right, then click on your username (which doesn't look like a link).
Bug report is FB7799650.
Also, discovered issue only occurs on discrete GPU, works as expected on integrated graphics.