ps :- I dont think your actually measuring TP1 there (the gnd of tp1 is +Vout) .Do you have your probes on TP1 and -Vout ? in which case your actually measuring Vout+TP1.
I'd be suprised if Vset (tp1 to gnd) reflects Vout in CC mode.
You're right. I'm measuring it incorrectly. What is the point of this grounding scheme? Ground being +Vout?
As you wrote earlier, there is continuity between +Vout and 12V gnd.
Measuring between +Vout and TP1 gives much more sane measurements. Between 0 to 2.8V through the range, and doesn't change when CC mode kicks in, as you predicted.
I can see two different ground symbols used in the schematic, but I'm not sure when to measure using a certain gnd point.