excellent diagnosis @devinplombier !
I baked some pastry for you to come over and look at it. But you did it remotely.
I read those steps a few days ago and didn’t solve it.
One more clue:
When I turn it on, and it does not work, in about 8-10 sec, the volume dial’s light turns on and makes a popping sound, sends a signal to the speakers. When it works, the source selector light comes on (the first of six - phono), and it takes the same time for the dial to lit up but no pop sound.
What it does not turn on, the selector does not light up. So obviously, the power does not go to the sources, the relay cuts it?
I tried the mute on the remote. Replaced the batteries. Does not work at all.

