If the power supplies in your equipment are decently designed (and it ain’t rocket science), normal AC fluctuations shouldn’t be a problem. Yeah, a big voltage spike can cause damage (hit anything with a big enough hammer and it will break), and a brownout might show up as hum or reduced power, and it’s possible for someone else’s brush-motor tool to induce high-frequency noise into a system, but typically power supplies are designed to handle rhe vast majority of AC line issues.
One thing that strikes me about the two waveform displays is a typical power line distortion caused by a heavy power supply load, which the power regenerator undoubtedly causes itself. The traditional transformer/bridge rectifier/filter capacitor power supply draws current from the AC line only during the peaks of the waveform, and that will cause a drop in the peak of the waveform, very similar to clipping.
I’m definitely not saying that the distortions aren’t real, or that the conditioner is fixing a problem that only it is responsible for, but as an old EE looking at the data, I feel it’s important to note a few things that I’d like to see that I’m not seeing.
In all my years of working with electronic equipment, the only time I’ve experienced power supply issues is when I plugged 110VAC gear into an unmarked 220VAC outlet. I did stick a label on that outlet.