That reminds me of how computer speaker sets used to be marketed in the 1990s. You could buy a 250Watt set of speakers only to find a tiny 8W voice coil and a 5W amplifier inside. They'd call it "PMPO" output power ("Peak Momentary/Music Power Output") and then get very creative with the maths to arrive at a ridiculously high number.
Theoretically, maybe. But realistically, nobody, not even a cheapskate engineer or penny-pinching production manager with the ethics of a war criminal, is going to put 400V caps in a 500V circuit. And if the voltage turns out to be much less than 350V, well, it's even much less than a 120Ws flash...the question then would be: is it by design, or is it because of a defect? 99.9% it would be a design choice, because a flash unit doesn't magically settle on a significantly lower voltage and otherwise continues functioning perfectly. That's just not how these circuits work.