The CPU Voltage (Vcore) in BIOS is a setting, but what HWInfo is reading is what it actually is. (For a true reading you would need to measure with on the motherboard with a multi-meter - but that is not really necessary).
If you are setting 1.46V in BIOS and seeing a Vcore of 1.332V in HWInfo at IDLE. That is a 0.128 Vdrop. Seems like a lot to me, but that is not something you can adjust - it is what it is. Basically it's a mobo inaccuracy and you just adjust it to get the Vcore you need (as reported in HWInfo).
However, if you are reading 1.332V vcore in HFInfo during prime95 testing, then it suggests a high Vdroop which could be helped by applying some LLC.
What does HWInfo report for Vcore at idle?
You could also check Vcore in CPU-Z just to verify what you are seeing in HWInfo.