Both. Bios is is set at 1.330 or whatever, then when running, its automatically lower, Thats the effects of VDrop. It drops the voltage lower, that way its sure that the voltage can never go over the Bios setting.
Both are right, just accept CPUz's listing for current real time voltage to the cores.
You'll also note that when you load the processor up with a powerful testing tool like prime 95 small ffts torture test, it is further reduced, this is Vdroop.