Good, the 12v is stable. It sounds like the power to the flipper buttons is still out. Sometimes the wires break right where they go into the IDC connectors. You're looking at the gray / yellow and black pair. You could also pull on the harnesses to see which one goes to the cabinet and just follow it, looking for breaks. If you have a meter and can measure 12vdc, it gets a lot easier.
The signal path is: 12v(unregulated) feeds the flipper opto led, which when button pressed allows the beam to pass, which excites the other half of the opto assembly to close a dedicated switch input going into the fliptronic board. The dedicated switches run on a different supply (regulated 12v) from the opto supply. Since the flipper OES switches are also dedicated inputs, if you push the flipper bats up by hand while in switch test, it will register even if the unregulated 12v is missing.
Note that if the left-hand flipper opto is disconnected, then neither flipper will work. This is because the 12v is connected through the opto board, so it forms a chain. Goofy design, I know. But it's something to check.
Is it possible that you disconnected one at J118 and forgot to connect it back up? The color dmd has an aux connector on it to replace the space it takes up.