Huh.... well damn. I just tried this briefly for about 15 minutes. Using the Axe, GT1000FX, and two 212 cabs. I usually keep the Matrix volumes about 10-11 oclock and the Axe output about 11 oclock. I switched it so both Matrix volumes were about 2-3 oclock, and the Axe output at like... 8 oclock. Mostly playing a modern high gain chunky sound using the 5153 or similar.
I definitely noticed the low end came alive. One of my biggest complaints about the Axe is the low end just dont thump and chug like an actual tube amp like a Recto, but this definitely helped a lot. It is almost like one of those loudness buttons you see on radios. The low end jumps out more, and the whole thing seems more present in your face. I went back and forth a few times, and the old settings just seemed kind of thinner, and squakier in the mids. So weird! I will have to give it some more time at a higher volume, but my initial impression was wow! I didn't think it would make much of a difference, but it does! Whenever the next firmware comes out, I might just have to wipe it and start over!
I assume maybe the level controls on the Matrix is also filtering in some way while reducing the level. Maybe it part of a subtle high pass filter or something.