I think that's likely. The power supply is rated for two different voltages on a single output, there must be a way of telling it what voltage to put out. My guess is it's something simple, you could try grounding the sleep pin and see if the 32V output changes to 12V. If grounding it doesn't work then my next guess would be pull it up to 3.3V.
I would expect though that if it's putting out 32V right now the power supply is probably ok. You might test it under load though and see if it sags. Best way is probably to open up the printer and plug it in, then measure the voltage at the printer.