Windows 7 does allow for CPUs to downclock when not being heavily used as advised, which saves power. There can be some performance loss due to this but it isn't a whole lot.
However if you want to see these settings and adjust them you can definitely do so in Power Options, you can find this in the control panel or just start and search for Power Options. If you go into Change Power Settings of your current plan, then down below find the option to Change advanced power settings you can find a section for Processor Power Management with options for Minimum Processor State and make changes there. You can of course disable cool n quiet and such in the bios as well.