Your preset signal is very close to clipping. You can watch that by entering the Layout (press C on Home screen) and then press A (Zoom).
That's because you're running multiple signals simultaneously. Take a look at your "parallel" effects: Multitap Delay, Pitch 1 and Pitch 2. Their Bypass Mode settings (Mute FX IN / Thru / Thru) indicate that these blocks still pass direct signal when bypassed. This means that the main signal is more or less doubled a few times.
The correct settings to use for parallel effects, in order to keep the signal level constant when engaging/bypassing blocks, are listed here:
http://wiki.fractalaudio.com/axefx2/index.php?title=Presets#Series_and_parallel_routing
BTW, there is no need to attach an Envelope Follower to that VOL block. Just use the Auto-Swell type in the VOL block.