He loses time in technical parts and I have the impression it's at least partly because he wants to avoid risks.
He goes into corners completely wrong. He actually takes MORE risks by going into corners the way he does.
Because the trajectory outward is bound to go wider when you move to the inside too soon, which he does. He takes his corners slower and more dangerously. He needs to stick to the outside corner WAY longer. First of all, you get a much better overview of the corner and the way the road bends going out of the corner, secondly you get to brake later and keep your speed higher throughout the corner and lastly you are reducing the risk going wide out of the corner by a shitton.
These are all things the team said they'd make sure to teach him back in 2021, and supposedly he'd get some lessons by Cal Crutchlow in cornering at high speeds (which would help him out a ton in both descends as well as TT's). Never happened. They thought his technique was good enough. Had it been good enough, he would hardly have lost time to Pogacar after Galibier other than boni seconds, and he would have taken more time in the TT. A difference between being 33s behind in GC, or being 5s ahead in GC. But everything is fine.
Here is a rudimentary graphic to show what happens. The green and red lines are identical in curve. The green one maximizes the corner and will give you the shortest distance for the highest speed, good overview and less risk. If you try to retain that speed (both in and out of the corner) while cutting into your corner too soon, which i have seen Evenepoel do repeatedly, what happens is you go wide and crash out of the corner. The only way to make up for that (green dotted line), is by braking much harder into the corner (or go into the corner at a much lower speed), losing all your momentum going out of the corner, because you need to take the second part of your corner much tighter, and waste a lot more energy accelerating out of the corner. All the while you have a worse overview of where your corner is going.
He takes more risks, he loses a lot of speed, he wastes a lot of energy.