So, my Variac puts out o to 150 VAC (10A, Max) with a 125V at the power outlet I plugged into.
With the Variac set to about 82%, it's output is 125V. If the receptacle voltage were to drop to 115V and the dial kept at 82%, the Variac output would be 115V.
With my original condition of 125V output, I plugged my Dremel into the Variac with a small abrasive wheel chucked in the Dremel jaws and tested its cutting on a scrap of brass tube (Dremel speed dial at fastest setting}, Then I turned the Variac dial to 100%, yielding 150V output to the Dremel and repeated the test cut. The abrasive wheel turned faster, with considerable more power.
With Variac back to 125
V outpur, I tried a few changes to the Dremel Speed Control setting. The built in Speed Setting Dial seems to cause a more of a reduction in torque compared to Speed Dial at 100% and reducing the Voltage Setting on the Variac. I believe this is due to the Dremel Speed Dial includes an increase in resistance to slow the motor and the increased resistance reduces available watts to the motor. The Variac Usesc a variable Viltage transformer whose only resistance is the copper wire of it windings.
I hope this all helps.
Steven