In modern Windows 10/11 builds, Settings → Power & sleep / Power mode and Control Panel → Power Options are two UIs layered over the same underlying power system. But they don’t map 1:1 anymore, so it can look like both are “active” at once.
As you pointed out, each computer has a single, active power plan. To identify it, use powercfg /getactivescheme command. A power plan is a full set of policies: CPU min/max, disk sleep, USB suspend, display timeout, etc.
Power mode is layered on top of the active plan (Balanced or custom based on Balanced). It adjusts a smaller set of parameters dynamically, such as CPU boost behavior, scheduler aggressiveness, and thermal policy (cool vs performance bias)
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hth
Marcin