Eh, PWM increases losses and complexity (maybe put an MCU on each module?).
48V is the highest still-friendly voltage, so that's nice. Still a lot of amps though.
120V sounds better to me; solve the safety issue with mechanical design: insulated connectors, modules, covers, etc. That's the practical side; on the legal side, high voltage stickers provide CYA.
With 120V input, I'd put a few more per module, so you get a little more economy-of-scale (and efficiency), say using 12V supplies with 5 or 10A capacity. So, maybe 16 modules of 64 relays each.
Maybe the PCB would be too big then, in which case the PCB could be 16 or 32 relays, and the supply is wired to two or four boards (note: put fuses on the boards, and use current limited/protected drivers, to prevent fault currents starting fires). Whichever -- it's more of a mechanical decision at that point; the electronics can be whatever.
Note that's still 17.4A at 120V (at 100% efficiency). That's more than a standard 15A outlet, and you'll need PFC to even get that much (most off-the-shelf supplies have a power factor around 0.6, limiting you to about 1.2kW on a 15A circuit).
This thing is going to get HOT if it's doing continuous duty (all channels on)!
You may even want a 240V circuit. Depends what the installation site can provide: two 120V 15A circuits, or one 120V 30A or 240V 15A circuit? (208V 15A would be acceptable as well.)
Also, don't forget to filter things carefully. Slew-rate-limited drivers would be kind here. It's not that the relays are on long cables, but the power turning on and off has to be communicated up to the power supplies at some point, and that gives an EMI emission surface of multiple boards. At the very least, that can screw up your own communications (RS485 is quite robust, but I can see an -- admittedly, /very/ poorly designed -- implementation causing problems!), let alone anything nearby. If you use ribbon cables for communication, don't forget to interleave signals with grounds (or pair up differential signals like RS485, and surround those with grounds on either side), and connect all grounds to GND plane, at the header. If using multiconductor cable, connect screen/shield to GND on both sides. May want to put snap-on ferrite beads on the cables.
Tim