I think I have a real workaround after getting out of a chat with support, scratching my head, making dinner and then thinking of this workaround and giving it a shot.
If you have an RTX 2070 or RTX 2070 Super or any nvidia card than this workaround might work for you as well.
1. First, you need to create a game profile for Star Wars Squadrons in NVidia control panel. Here is instructions: https://help.ea.com/en-us/help/pc/pc-graphics-troubleshooting/#creategaming
2. Then, in your profile set the Max Frame Rate to the exact value of 60 FPS
3. Then in Star Wars Squadrons, open up settings and change the refresh rate to 120 hz (don't select that weird 59.95hz option)
4. Your CPU should no longer be at 90-100 degrees celsius after this change and should be running at a more normal temperature. Your graphics card should also be running at 60fps at a stable rate.
I think what people were saying before with the issue being the refresh rate has to be a multiple of 30 and this 59.95hz option in squadrons is mucking things up. I'm going to keep testing, but this seems to have remedied things for now. I have been monitoring my performance and temperatures with MSI Afterburner.
UPDATE: this solution worked well until I was playing in combat for a short period of time. To get even better CPU temps, I turned on Low Latency Mode and Vertical Sync was set to "Adaptive" in the NVidia Control panel. This allows me to play the game at ultra settings locked at 60 fps.