P = U * I
Ie... power[watts] = voltage[volts] * current[ampers]...
Lower the voltage to half, increase the current twice and you'll have same power.
Point is, CPU takes "1.2V", but at "100Amps"... which makes it take 120W (example)
Then, RAM comes, motherboard components, network card, disks/ssd and finally graphic card... which, in high perf forms can take up to 250W.
Also, bear in mind that PSU rating is usually it's overall max performance, while the sweet spot efficiency wise is about 40-60% load... so your 450W PSU will give you it's best at about 225W load.
Also, PSU doesn't convert only to 12V (it's only for the yellow cables), it also converts to 5V, 3.3V and -5V, for different purposes of different devices. Components like CPU and GPU...