we try to not talk about referring to things as "0v" because it can lead people to believe it's safe to touch.
often japanese cabinet schematics refer to the neutral wire as "0v" while technically it can be considered so, if ANY of your plug, outlet, house wiring is wired improperly, you chance electrocuting yourself on that line.
a power supply could be labeled as 12 volts in respect to another wire or part of the circuit, but as you mentioned, that negative reference could be at 100 volts. and the one you measure be at 112 volts with respect to earth ground.
you have to be cautious when measuring voltages especially when you have an "earth ground" and a "chassis ground" and possibly multiple "zero volt references" in the power supply While not common, it's always a possibility.... you must ALWAYS prepare for that possibility, no matter how remote it might be.
whew.
