Here's how it looks to me...
Marantz 2325 rated power output is 125 watts per channel into 8Ω, distortion: 0.1%.
Rated power is average voltage output before exceeding the distortion specification. The amp does not have an intrinsic power or distortion... the manufacturer chooses a distortion level and measures the power there. If the marketing research at that time indicated that the competition was using a 0.5% distortion specification and that was what the public expected, they could have rated the amp at a higher power. If the popular expected distortion spec had been 0.02% they would have rated it at a lower power.
W = (V^2)/R
V = SQRT(WxR)
V = SQRT(125x8)
v = SQRT(1000) = 31.5V average volts
(V peak to peak) / 2 x 0.707 = average volts
Your measured 92.6V is 92.6V / 2 x 0.707 = 32.7V average volts 133 watts
There is some variability in manufacturing, and fine manufacturers' equipment typically bests their specifications in order that they all meet or exceed them. Measuring 133W on a 125W spec'ed amp is an indication of high quality, especially for an almost 50 year old amp!
When test rating amps, test signals are used rather than music - there is no consideration for additional headroom requirements under the clipping level. As far as how much power you have for music before clipping the amp, there are three levels to consider.
Average level - about 12dB below the fast peak level, a bit lower for classical
Fast Peak level - what SPL meters, VU meters, and watt power meters measure - they can't resolve the transients
Instantaneous transient level - about 13dB above the fast peaks
So, if you allow about 25dB headroom over your average level, that should be good for all but a few recordings from some specialty studios and test records.
Power reduced -25dB from 125W is close to 1/2 watt providing clean average listening level with clean fast peaks to about 8 watts and clean transients above that (if the speaker is capable).
1/2 watt will be reached at about 2 volts output
8 watts at about 8 volts
transient peaks up about 30 volts