What am I missing?
/boot/config.txt parameters are for when the system is running, not when it is powered off.
If there is an option for it, it would most likely be set via the rpi-eeprom-config
This is where is reduced my standby power by 140x from 1.4w to 0.01w:
Reducing Raspberry Pi 5's power consumption by 140x | Jeff Geerling
I have not found it, but if you do share it here