In this non-scientific comparison, I have both master volume set around 4 on the dial, but I will try to dial it down on Axe III later and see.
Don't get me wrong, the distortion character of the beta sounds much closer to the Mark V now, e.g. it's chunkier, larger-grained, for lack of better words, and start to have some singing quality in it.
On the other hand, regarding dynamics, that is likely not the target/goal of this beta...? I do feel Mark V reacts more dynamically (again via cab clone), increasing Input Dynamic control on Axe from 0 to 2 helps but not quite the same, e.g. the resulting increased dynamic in Axe seems to reacts a bit slower....