Yes, +12v PSU voltage drops to 11.904 at full load (OCCT power test). So GPU rail voltage and GPU Pcie + 12v Input voltage is actually reported by gpu and not by motherboard ?
Used HWinfo to check voltage readings for my Asus Strix z490-f board and found that certain values are very low.
Specs:
10700k@ stock
Z490-f mb (updated with latest bios)
2x8gb 16gb ddr4 cl3200mhz @xmp
Corsair HX850 (new psu)
Could it be failing mb VRM ?