Thanks for the replies! Yes, peeled off paint probably means pad print, but I have other keyboards where I don't want to try to damage the keys or the print to make sure. I'm struggling to spot any differences between that keyboard that is pad printed, keycaps that I know are dyesubbed, and unknown ones. The keyboard with peeled off print has been in industrial use before, so I'm still not 100 % certain if it's really pad print.
I also know that dyesubbed print disappears after heavy use. My father used to print pens with a dye-sub machine during the early 90's, and on some of these pens that have been heavily used, the print has started to disappear. This machine is a small model, so the print probably wasn't that deep into the plastic as a factory printed keycap would have.