Yes. In the course of a day, mains power where I used to live would range from 100V to 300V. You get the prolonged over voltages when a large load drops off, either a circuit breaker trip, or something more random. Modern voltage regulators prevent this, but legacy units will operate for a few minutes at 30-50% over voltage.
Even with modern voltage regulators, when the load is random they are often programmed pretty loosely. 3rd world load creates 3rd world grids.