It's probably not so much the load curve because even dropping 2% on the efficiency curve for 160W would only be 1.6W at output. I imagine Panda is running 220/240v and that might be part of it. The rest would be from the difference between reference PCB power delivery vs AIB power delivery.
Your ram is roasting at 96C. I would increase the fan speed a bit more. Always easier to replace a fan than RMA a dead card.
Im also on 220V electric power.
My ram not 96, often 102-104C when mining. Im waiting other cards arrive to see it's a single card problem or the whole giga aorus 5700XT seri memory temp issue.
Could someone use Giga 5700XT Aorus post your mem temp for reference please?
I don't have the Aorus but I have 6 of the Gaming OC variant. All my memory runs into the 100-110C range if I don't turn up the fan speed. I pulled one apart to make sure it was pasted correctly and make sure the thermal pads were making contact properly. They were, so it's just a power issue with the 5700 XT. If you can get mem voltage down that should help, but try increasing fans to at least 45%.