Chosen Solution

I’d check the power supply if the board looks ok, check out this old ifixit post sounds very close Pinout voltages, No 12 volt on standby

I had the exact same symptoms with my 24" iMac EMC 2211 and replacing the power supply fixed the problem.

Yeah same here it could be logic board or power supply

If replacing the power supply didn’t work try checking the CMOS battery.