It seems to me that the PWM gets its startup voltage from the large transformer per this latest image.
The small vertical PCB (I colored pink) has few components: some resistors, caps, diodes and two transistors. I assume this board's mission is to drive the power transistors that are located underneath the gray rubber cover at the bottom. To that end, I believe T103's primary is at the upper side but I am not sure about that.
I followed your suggestion and I realized that when the 5V rail is loaded and goes down to 1.x volts, the 12v rail actually goes up to 16v unloaded, although I know it doesn't stand any load.
A leaky secondary diode or capacitor loading it even without normal load? (You should notice heat in this case.)
Thermal camera shows normal heat activity, impedance between 5v and gnd is above 500kohm before the output caps begin to charge.
the first culprit that comes to mind is R101 gone high. (Worth checking...)
I checked, and it's well within spec (3.3 ohm).
A problem on the primary current sense that seems to be built around T102.
That one shows no activity at the 1-2 winding. I have not touched 3-4 with the scope, being on the high side. That being said both 1-2 and 3-4 show expected continuity on T102.