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That controller kit can be set up in 2 ways:
1. A continuously switching controller. It is constantly switching the power on/off (in a duty cycle), according to the temp of the peltier. Thus the measured voltage at the peltier may be lass than the full supply as it is being switched rapidly.
2. As a temp switch. Aka it switches on and of to maintain temp.
I suspect you have it set up as in 1 and that nothing is wrong. Best you try the peltier (alone not with the controller cct) across a car battery as this will have ample supply to test it.
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