Hmmm...where did I post that power supply schematic?
Check Post #16, there is a pass transistor Q401 - handles about 3 amps - look into this pass transistor going bad...
If it has had work done - look for the Power supply board to have been fiddled with when you have voltages like that - Post #16 is the Cobra 2000's version - it is a typical Regulator circuit found even in the Cobra 139XLR - only this has an "extra protection" circuit that uses an FET to help with ripple or line noise before it can damage the pass transistor - it's not short circuit protection. It's noise protection.
Spikes are handled thru the Zener crowbar effect Too long of a duration of short it's supposed to pop a fuse, but it can take itself out if the operators were trying to get more out of the supply leaving you - the next operator in line - vulnerable.
Considering the age, and how you're seeing things go wrong in there - might want to fix the power supply before it can kill the radio from it's ability to shoot over 20 volts AC into the radio from it.
In post #16 the Zener regulation used, uses a 1K and 6.2 V 1W Zener to "regulate" so it allows for some variability but if they played with the Resistor of this, then All the bets are off.
In the supply sense R301, R302 works as a divider to tell the regulator the condition of supply and demand - so there will be sags in voltages, but not SURGES beyond 14 volts - if the supply is working right. R303 limits current thru the Zener, but the Base of the follower transistor and the 1K resistor - makes the upper side of the regulation rise more sensitive and makes the regulator drop quicker than to recover and if voltage spikes, the Zener can get damaged by that spike so they cushion it with a 1K resistor so it can "crowbar" and reset as you use the radio - say in - heavy TX modes of SSB. The R302, R3102 set the mid-point - R303 adds a level of sensitivity for regulation in loading.