OK! So we know that your DC supply rail is good (And it may not be too high, it will drop there under load), so now we have to tease apart how the rest of the circuit works.)
Here we need a combination of the IC datasheet (I've attached it here), and the PSU Circuit diagram you posted in the OP.
Now is seems it is a PWM controller of some sort, with external series pass transistors in a Darlington configuration to increase the current handling capacity. It seems the IC itself would be good for up to 1.5A, but the circuit needs to provide at least 2.5A for the C128 (Found from specs online) - so they've added additional components to increase its current handling capacity.
Now in these type of supplies, favourites for dying are the pass transistors, diodes, the IC itself which drives the transistors, And sometimes the low value current limiting resistors.
So, first you want to check all the first part of the circuit, which all seems to do with the IC power supply (Vcc) and current limiting.
This is made up of R1, R2 (Which I think is a loop of wire), C5, V5 (which I think is the small transistor next to the diode bridge and fuse), and R3,R4, and C6. There is also aditionally R14 between ground and the current limiting circuit.
So power off, I would check that Transistor V5 isn't shorted, and that R1, R4, R14 are intact/correct value.
If they seem to measure correctly, then i'd measure the voltage between pin 13 or 5 of the IC and Ground (pin 3 or 11). This is to check the power supply voltage to the chip. Belt and braces step, check it's getting power. :-)
Lets see if you can identify each component and measure them.
Now we're getting into the more complex bits, I don't understand all parts of the circuit, I only have an idea, and might be a bit weak at explaining how it works. So I may need help from others. :-)
But it seems it'll turn the transistors off and on, in a PWM fashion, to regulate the output voltage, at the far side of L2. V8 diode and capacitor are part of the PWM, and conduct when the transistors turn off. (It's what's called a buck converter, see HERE
https://www.electronicshub.org/switch-mode-power-supply-smps/ ). C9 smoothes the output from the PWM (probably the other big electrolytic) and R10, C11, R11 (the horseshoe variable resistor) and R12 look like an adjustable voltage divider to provide feedback to the IC so it can regulate the voltage.
R13, V9 and V10 confuses me, I do not know it's purpose, but suspect its some sort of overvoltage clamp.
L3, C10 will just be ripple smoothing, it's a high current, low pass filter.
Anyway, lets check the first part, and make sure the IC has power, then we'll move on to the switching transistors and clamps and stuff.