Just picked up a used PS-1 power station and I am having some troubles with the effects loop. Sounds fabulous with nothing in it, but as soon as I add anything in the effects loop the output drops to almost nothing and turns very fizzy. Did a little poke about here on the forum and saw that just patching the send and return together is a way to check if the loop is working, so tried this and got the same results. Any pedal I have tried yields the same. All cables triple checked, and have tried different outlets etc etc. Posting a video to demonstrate too.
What you may want to try is something like De-Oxit to clean the jacks really well. There’s a good chance the the contacts have become very dirty and need to be cleaned out. I use De-Oxit and a brush that fits the jack. Others will just use a clean plug and rotate it and pull it in and out. Check that the contacts are making a solid connection with the plug.