The primary tradeoff is the thermal management or derating features that must be
considered in these combined dual roles. If a TVS device is also used as a Zener for
continuous voltage regulation, the device would then be operating with sustained power
dissipation where internal p-n junction temperatures are driven well above ambient from
its own thermal resistance junction to ambient RθJA. That type of operating condition will reduce P(PP) capabilities.
"Zeners and TVSs have different design considerations and are also tested differently for
their primary operating features. As a result, careful consideration in selection for overall
optimum performance and thermal management considerations are required for each.
Only under judiciously chosen operating conditions can they be combined with careful
consideration and also optimally accompanied by special device testing." Says Kent Walters in his MicroNote 134 application note. (1)
You can have a quick read of his application note if you wish to know more.
(1). MicroNote 134