Sorry so used to some acronyms forget to explain sometimes. LLC = Load Line Calibration...basically a mechanism to protect the core. It drops voltage when the card is under full load so that any spikes during transitions from lower to highest activity is not going to overshoot the set voltage.
If you set 1.210v, LLC will always make sure that the load voltage is lower than this, allowing for temporary spikes to come up to the 1.210 level....so if you measure voltage you will see less than you set on average.
If you disable LLC you would get 1.210 through the GPU core with the disadvantage that spikes could rise above this level.
It's like the overflow on your bath...it's below the max level of the bath so when you fill the bath and then get in it, you getting in doesn't overflow onto the floor...the bath has made sure that no matter what, water won't go over the side...