Sure. Rated speed isn't max. The i5-4690 is the same cpu as the i5-4690k except for 2 things. Intel set the clock higher and unlocked the multiplier. So realistically your cpu should be able to hit well into the 4GHz range, as is most 4690k when oc'd, but Intel just needed some more 4690's so stamped your cpu with that firmware. Stock speed plus turbo, locked multiplier.
Theres also 'turbo' or boost speeds, which is part of your cpus firmware which is simply a factory overclock setting, but still well within the limits of that cpu to reach and stay stable.
Your cpu is rated at 3.5GHz, but can and will turbo upto 3.9GHz depending on load and core usage.
Yes, turbo can be disabled in bios (dunno why anyone would deliberately sabotage...