Finally, your new board starts to look like my old board. I have got the first DFI-batch (R.A51) and don't need more than VVT=1.21 (BIOS) either. But as Eva is saying, the actual VVT can can be higher.
My board has a kind of "intelligent VVT-regulator", and adjusts the VVT according to the application, and can go up to 1.26v (depending on the load, and the software you using to read it.
I don't have a multimeter and never checked it but it would be interesting to see how high the "real" VVT goes. I always thought that the CPU-batch would play the most important role on VVT, and your finding is new and interesting.
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