It's a 12V DC-DC UPS for the main router/AP for the house, one of these. I don't know the input voltage requirements, but if they're too low it'll alarm, which is what was happening in this case.
The drop is only 100mV at 150mA load, it gets much higher as higher loads, e.g. the ~2A drawn by the UPS when charging, where it was 0.9V, which was enough for the UPS to suspect an input power problem and alarm. The device being powered runs off 8V - 20V, it has no problems with it, however the UPS monitors the input level more closely because it's supposed to guarantee 12V output.
One of the vendors of the meter, DROK/Droking has this to say about similar meters they sell:
When the system load is bigger, there will be some certain voltage drop on the connecting wire. so the meter will not properly display the output voltage of the power supply system. now the voltage compensation function can solve this problem by moderate compensation of the voltage loss on connecting wire
That's not for their PZEM-031 but is mentioned several times for other meters. Since the connecting wire without the meter inline has close to 0 ohms resistance and there's no measurable drop without the meter present, I suspect the "certain voltage drop" is more likely to be due to the meter.