Frequent wakeups due to events touching the TrackPoint or the lid touch the red cap is a known problem with ThinkPad T14 Gen 3 AMD and T14 Gen 5 AMD.
The touchpad device, ELAN0676:00 04F3:3195 Touchpad, can be found in the udev device tree and touchpad events as a wakeup source can easily be disabled.
Disabling the TrackPoint device as a wakeup source can prove to be difficult since none of the parent devices including the ACPI Sleep Button stop it from waking up the system.
The solution is in ignoring wakeup triggers from GPIO pin #0 with the kernel option with the help of amd_s2idle.py.
The limitation is coming from firmware, and the models are few years old, so there is no hope of fixes from the manufacturer.
However, the author in the end enabled the touchpad as a wakeup source to tap when the system is asleep.
The issue of frequent wakeups from different events can cause battery Drain and heating up of the system in confined spaces.
Disabling the wakeup events from the keyboard is a side effect of disabling touchpad events as a wakeup source.
Gen 3 AMD is harder to solve, and in the end, the author had to enable the touchpad explicitly as a wakeup source, as it is less sensitive than the TrackPoint.
The custom udev rule for disabling touchpad and TrackPoint events is applicable for T14 Gen 5 AMD.