But what is it? And more importantly will it cause "protective" shutdowns?
Likely Erroneous, and probably not.
The only sensors that will cause any protective shutdown will be visible in your system BIOS, furthermore, the only one ever used for such a feature is the CPU temperature. the temperature sensors are effectively part of the chipset. Speedfan/SIW/HWMonitor try to view the sensor information by basically probing certain I/O Addresses based on what chipset it thinks it sees, But the actual chipset implementations differ between motherboards and sometimes the addresses simply don't correlate with a sensor.
Your fluctuating temperature could be a value unrelated to temperatures at all, or a failed thermosistor, but either way the temperatuer value will play no part in any emergency shutdown.