I think HWSensorsSMC2 is not showing accurate values for GPU Utilization and Activity.
In my own puttering around, I have noticed that querying IOKit for GPU PerformanceStatistics by the key name PerformanceStatistics using something equivalent to ioreg -r -k PerformanceStatistics returns nonsensical values for "Device Utilization" and "GPU Activity" properties. I am guessing HWSensorsSMC2 might use this approach.
However, querying by name or class similar to ioreg -r -n IntelAccelerator or ioreg -r -c AMDRadeonX4000_AMDEllesmereGraphicsAccelerator will return PerformanceStatistics with what I think are accurate values for "Device Utilization" and "GPU Activity". For example, these values correspond with the GPU Graph drawn by the Apple's Activity app when playing a video.
I have also noticed that IOKit returns values for "Total Power" that are just plain broken. PowerStatistics power values are about twice as high as shown on a Kill-a-watt meter I connected to an external Thundertbolt GPU. Nothing you can do about that.