The Zone VI timer with dry-down that I have does NOT have a voltage stabilizer for the lamp. However, this timer does have a light-integrator feature to adjust the time for the lamp output, provided the head has a light sensor. I believe the later Zone VI type 2 VC heads had built-in stabilization.
I have both the Mk 1 and 2 Zone VI enlargers and they both have the connection for the compensating timer. I also have the timer but haven't used it in years as I prefer the Stop Clock Pro fstop timer by RH Designs which also has both dry down and compensating features.
If you are talking about the compensating timer that has the dry down and the light output reducer feature then I'd say no. Since you are actually working with lux and not "seconds" and provided your head has the photo cell in it and its connected to the timer, that should take care of any fluctuation in the electricity going to your head. So even if there is some fluctuation in the electricity, which would cause more or less voltage hitting your head, and thus changing the output of light (stronger or less), the length between the beeps would change also, thus "compensating" for any changes in output.