It is a bit confusing, because normally a digital multimeter will have a high Z input and should show the phantom voltage.
You should think of this as a circuit with extreme voltage drop under load.
In general the issue is that there is some high impedance source of voltage, such as capacitive coupling across the wire insulation or leakage across a switch.
When you measure this with a high impedance meter the voltage is present but if you use a low impedance meter the load of the meter itself is enough to crash the voltage to near zero.
Jon