I checked it in-circuit with multimiter like a normal diode. It conducts one way. I did not check the Zener voltage.
The output voltage is +21V and it is correct.
So your question is actually on the PWM, Why it's on 100% duty as you purported by measuring the voltage of 4.9volts. The gate is always power "ON" by the resistors divider and zener diode at the gate. You can see for yourself. So voltage measurement at the Gate is surely incorrect. It will be pulsed "OFF" by the transistor.
No it is not 100% duty, You should actually see it on a oscilloscope probe it onto R611 [with isolating transformer].
The wave is actually by number of pulses. As you load it more, more pulses rises to appear. As you load it less, less pulses will appear.
This power supply is BAD, at most 55% efficient and will fail horribly.
Edit: To put it simply, this is not a PWM switching power supply, it is a PFM switching power supply.