How's the brake booster check valve
Worth checking. And the hose too. But pedal to the floor sounds opposite of what I'd expect if it was a loss of vac assist. Firm, high pedal, and feels like it's not braking enough given the pressure applied to the pedal, simply because the vac assist is lost.
If you hold gentle-to-firm pressure, but not stand-your-weight-on-the-brake-pedal pressure, does the pedal sink slowly to the floor? I've not felt a failing master cylinder since I first started driving, I think, but I was told that the pedal will sink, like if you're sitting at a red light, stopped, and holding the brake pedal gently, it may sink if the MC is bypassing fluid internally.
You might also check for fluid leakage out the back of the master cylinder where it bolts up to the brake booster, but I don't know for sure if there would be any fluid present. You might still have a MC issue w/o finding fluid there, is what I mean.
After my last brake saga with my '93 245 (non-ABS), I would also suspect the booster. I swapped on new front calipers (3-screw, non-ABS, same as what came off the car) and after bleeding, I had a low and soft brake pedal all the time when driving (when engine running). Engine off, brake pedal felt close to normal, but start the engine, and the pedal was very low, just off the floor. Brakes worked, it stopped OK, but the pedal travel was LONG before it started braking. It was not particularly squishy like air in the lines.
The car went to a Volvo shop for a month, they bled gallons of fluid through the system, couldn't fix the issue, replaced the master cylinder they said was leaking out the back, didn't fix the issue, and I got the car back in the same condition I had dropped it off. Low, somewhat squishy brake pedal.
I swapped the booster and found the reaction disc was bouncing around inside the booster. I had swapped THAT booster on the car earlier trying to shotgun the issue and not having any success. I could have had two boosters with similar issues...not sure...but the 3rd brake booster finally solved my issue. Normal height brake pedal again. And no more near-stalling when braking to a stop (automatic trans). The old booster liked to dip the idle to almost stalling, sometimes, not every time.