Actually, in this case I think he may be right..... your error is in assuming voltage is regulated.... it ain't.
Increasing the load on the power supply will cause a drop in voltage. Many manufacturers who make lower cost stuff will make the power supply and transformer just good enough to put out at the lowest impedance, and no lower.... Then the power supply volts fall due to resistances etc at lower impedance loads.
Peavey has done it, Crate has done it..... even Fender, and Ampeg, in lower cost units.
It isn't uncommon to see a power rating the same, or close to it, at 2 ohms as it is at 4 ohms. And that is when the unit is designed to operate at 2 ohms.
There isn't any problem with that. After all it is rated for 4 ohms, why should it have a power supply that can drive 2ohms?