Yes, I feel that you will see a huge "voltage drop"; it could be corrosion, very loose connection, bad switch with very poor contacts, or maybe just one little tiny strand of wire, is still connected and it is enough to provide that voltage reading w/o any load, but it heats up and creates a lot of resistance, IF there is load applied, and the voltage would drop a lot, with any kind of a load at that light socket.


Note: I'm no electrician, but see this same thing on vehicle circuits, too; using volt meters.=need to have the "load", in the circuit, for proper testing.