Insufficient voltage to dryer receptacle; what next?
a broken wire or loose connection can pass voltage but as the current draw goes up, the voltage goes down. depending on the quality of the break, the voltage at no current draw (such as with a multimeter) could vary from full voltage to almost nothing.

to really figure this out, you'll need to remove the cover of your breaker box. measure the voltage between the neutral bar on the side of the box and the incoming wires from the meter at the top. they should all read 120V or 0V. if not, then the power company needs to investigate.

also measure between the neutral bar and the two screws on the side of the breaker that feeds the dryer outlet. those should read 120V. if not, then the breaker is likely bad.

otherwise, the problem is likely a broken wire or loose connection somewhere between the breaker and the outlet.