Yes, of course, normaly voltages should be stable. The question is, is it the main board or power supply problem. Not sure.
For example you can try to measure power rails on the main board with a diode test mode. Disconnect power supply. Set multimeter to diode test mode. Connect negative lead to main board ground and positive lead to the points where standby 5V, 5V, 12V are supposed to come. Note what does multimeter show after the reading stabilises.