The ripple on the ASRock boards using Intersil ISL95712 voltage controller is mostly huge voltage drop under load. I saw a significant improvement with 6 phases coming from 4, so 3 phases non digi is a disaster.
I already heard multiple people having problems with that.
Here on forums, @johndms did have that problem with excessive VDrop, he has good VRM knowledge, he will tell you all of the details. I am summing it up, because i am too lazy to write an essay.
Niko semiconductor parts were on the flamin' hot MSI AM3+ mobos, so Nikos are widely known for that. I suppose you know that.
Dig through the comments there, you will find the thermal data. OCN 1 OCN 2 (mosfet kuhler = VRM heatsink)
Based on the used mosfets. You can find the datasheets and calculate efficiency (power loss) and even the temperature of the mosfets at given load.
If you see 120 + ambient, it doesnt seem fine to me.
I can give you the formulas for calculating power loss and you can check it yourself whether i am right or not