gemseashore I'll start with the easy ones. You can "let Windows decide" about the GPU, or you can choose it yourself; it doesn't matter as long as the answer is the RTX 4050.
You can add your 4050 to the game's database if you like. A couple lines down from the part of Config.log you posted, you'll see a vendor ID: 10de, which refers to Nvidia. After that is a device ID, for your specific model GPU. That's the ID you need to add to GraphicsCards.sgr, in [install location]\The Sims 4\Game\Bin. There's no RTX 4050 at all in the database, so you'll need to create or edit your own line. For example, you could take this line, the second in the Nvidia section:
card 0x249C "NVIDIA GeForce RTX 3080 Laptop GPU" $cardLevelUber $resolutionHigh
change 0x249C to your device ID (it has to have the 0x in front), change 3080 to 4050 , and leave everything else intact, and your GPU should be recognized and rated as uber.
The GraphicsCards.sgr file will get replaced with an unedited copy each time you update or repair. So if you don't want to keep doing this over and over, drop a copy in Documents > Electronic Arts > The Sims 4 > ConfigOverride. This file will supercede the copy in the Bin folder and won't get updated.
For the throttling, this is for the integrated graphics chip only? If so, I'm not sure how much it actually matters. Laptops with dual GPUs sometimes have what's called a MUX switch, which switches the input to the screen between the iGPU and dGPU depending on which one is running the task at hand. When the laptop doesn't have a MUX switch, the dGPU's data gets funneled through the iGPU on its way to the screen. So the iGPU is doing some processing, but I don't know how much or whether it hitting its power limit has any effect on what you actually see on-screen.
Most laptops wouldn't allow you to change the iGPU's power budget by default. You could in theory see whether a third-party app could reach this setting, but in practice, I would suggest it's very much not a good idea. The theoretical max for the Radeon 760M is 54 watts, and it can be lower depending on the CPU and the laptop manufacturer's settings. You're already getting 50W, which looks to be the max on your laptop, and increasing power delivery doesn't increase performance proportionally, so bumping that up a bit might not help in any meaningful way. But it could push your laptop past some limit that's in place for a reason. And again, that's if you could even reach that setting.
If you're interested in experimenting, some laptops have an HDMI port that's directly wired to the dGPU, so you could compare performance on an external screen with what you're seeing now. You should be able to tell whether the iGPU is part of the process by viewing these same hwinfo stats—if they increase from idle by more than a bit, the iGPU is doing some processing, and if not, it's not part of the graphics pipeline in that moment.
THEN you need to see whether this particular change, if in fact you can take the iGPU out of the pipeline, has any noticeable effect on your game. There's currently some bugginess with the UI changing between build/buy and live modes, and while I'm not saying your game is bugged, it's possible that the process is not working well overall and only spilling into game-breaking territory some of the time. So I wouldn't be able to tell you that this glitchiness has anything to do with your setup unless changing your setup helps.
I can suggest more experiments too, but really only if you're curious and interested in doing the work. If you are, try these edits to GraphicsRules.sgr, on a spare copy in ConfigOverride so you can delete it if the experiment doesn't work the way you want.
Camera movements very choppy since BH patch | EA Forums - 12185589
The thread is kind of long, but you can focus only on the edits. The idea is that switching between different levels of detail means a performance hit even on high-end hardware, and that performance hit isn't necessary for most gaming machines given that they can render much more of the game in high detail than the default settings would suggest. Note that what makes a difference is the distance at which the game switches LODs, not what the values are for the various LODs.