Hey,
Trannies often are wound so the input to output is a little more than 1 to 1 when no load is applied. This is to compensate for inefficiencies that happen under load.
That is, with no connected devices it’s 1:1.05 but when the load is applied the output voltage will drop to around 1:1.
Acceptable AC voltage range in the US is 110V to 126V.
I have been in an apartment in San Francisco with 130V and PG&E did rebalance their loads to bring that down in a couple of weeks. They said it was safe but not ideal.
Personally I notice a daily variance of 15V and use a voltage regulator as the front end of my audio conditioner chain. This happens even without the stereo being on or the heat pumps engaged. The VR keeps my voltage consistently between 117 and 122, regardless of the appliances or stereo state.