Could be, but one thing perhaps to mention. Sometimes the restarts are sudden. Sometimes audio keeps playing, I can move the mouse but can't click. If the PSU is malfunctioninging you would expect that there are only complete shutdowns or not?
If it's not the PSU I suspect the logic board I'm afraid, the random symptoms you've said today seem to indicate it. Not GPU or even Mac Pro related but with a very similar Xeon architecture on a Dell Poweredge server. I upgraded that a few years ago with new CPU and faster ECC RAM to run SBS 2008R2 and more users. I had similar but not identical glitches ie randomly which after much scratching of heads and analysing the BSOD logs we traced down to the northbridge. It was under warranty so we stuck the original CPU and ram back in and got the board changed. Worked fine with the upgraded parts once Dell had swapped the mobo out.
I hope I'm proved wrong and some other bright spark on here can help you find the solution though!
Hang on I've thought of one last resort lol. if you don't want to buy a new logic board one thing you could try as a final throw of the dice is removing the logic board, placing it perfectly flat, sticking a weight on top of the northbridge and blowing a heat gun around the northbridge in case it's a slightly dodgy solder connection and reflowing the solder back. Will have to mask any plastic bits off securely with tin foil and heat proof tape! I've done similar before though not to the poweredge box or even a Mac Pro!
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