So then all is perfectly fine and as expected. To decide whether powersave or performance is better, the statistics may help, e.g. check how long (aggregated) the CPU resides in which state:
cat /sys/devices/system/cpu/cpufreq/policy0/stats/time_in_state
and check long-term average CPU temperature and responsiveness of applications. If powersave serves sufficient responsiveness, then there is not reason to waste energy 
. Both do clock up to max frequencies, in case of high load, if I understood it correctly, it’s just the question how quickly (intermediate steps or directly) and which CPU load breakpoint(s) are used. The stats in /sys/devices/system/cpu/cpufreq/policy0/stats/ after 1-2 days should give a hint.