You already answered your own question..."too much substrate".
When substrate is deep, it is functioning as insulation, keeping the heat out. Substrates aren't all the same...those lighter w/ more air gaps allow more heat
to rise, while denser ones resist it. (for example, large nuggets of orchid bark has lots of spaces between, where heat can rise.)
🤔 so it is possible that I have too much substrate. What about the fact that the thermostat is cranked all the way up and the glass temp is only reaching at most 86? Can it be a faulty thermostat? It's a Zilla thermostat.