Will (Big Blue24) is running the same 7mm DV's but smaller 5x014" VCO Budget Builder Injectors on his He351cw over S480/96/1.32 setup and we're seeing 80 to 84 psi max boost, and anywhere from 35 to 45 psi out of the S480. It's right around 650HP and it cleans up well on the top end and runs clean on the bottom end due to the AFC LIVE stage 2 controller....
I wouldn't be surprised if you have a big boost leak on the intake side like the charge air cooler, blown intake manifold gasket, airhorn gasket, or similar. And ideally, it would be helpful to get a second boost gauge so you can see what the S480 is doing as far as pressure ratio.