No, it doesn't. @dullard claimed Intel were running the Gracemonts close to the voltage floor which Golden Cove can't drop down to. That would be FAR less than 3.9GHz. Actually probably close to or below the 1.8GHz base clock you say here.
3.9GHz is close to the absolute maximum they can clock to full stop. It is very much high frequency for the Gracemont cores, even if not high frequency in relation to Golden Cove cores.
I don’t make the rumors I just read them:

Specifications of Intel Core i9-12900K, i7-12700K and i5-12600K Alder Lake CPUs leak out - VideoCardz.com
Alleged specifications of Intel Alder Lake processors According to a post by 我用第三人称 on Zhihu forums, the specifications of three K-series processors from the upcoming Inte Alder Lake-S series have been leaked. The specifications are supposedly based on qualifications samples, which from what we...

It is entirely possible that Gracemont runs efficiently at 3.9 ghz (3.7ghz all core). 10ESF is said to be 15% more efficient than 10SF.
However, I have always maintained that Alder Lake is about die area not power.
EDIT: Think of it also like this. Gracemont is the better core. It may be more efficient at these clockspeeds than Golden Cove.