It's a 22 year old engine (2001) and electronics, built of a design and timeframe known to have a higher failure rate and specifically capacitors known to fail. Add on to that, a 9V rechargeable battery that unless replaced, likely could contribute to the problem if it's internally shorted, dead, dying, or other problems.
So yes my first suspect is a board that might/likely has a failing or maybe even multiple capacitors failing. And that unstable and now highly noisy DC bus voltage, might wreak havoc on something like speed control.
And then lest we forget- speakers also possibly with crumbling magnet structures that can short the voice coil to frame AC, again causing issues.
So I'd highly suggest those inspection points on ANY PS2 5V engine, before powering again.
- Inspect board for bulging or leaking capacitors.
- Ensure battery is new or is replaced with a BCR
- Inspect the speaker for any signs of magnet flaking or other failure.
If I had a dollar each for the number of topics where a PS2 5V ran away, and then later let out the magic smoke typically a loud bang as a capacitor explodes, I might afford that new Triplex.
https://ogrforum.com/...7#129815211736537287
https://ogrforum.com/...d-2-5v-board-repairs