Любая аттенюация даёт непредсказуемую фазовую на входе получателя,
Результаты, если в разрыв тыкаешь разные приборы, сильно разнятся , если с делителем
Один глуше другой шумнее 
И на сколько драматичен сей эффект..?

получается, что да, вполне логично, что в оригинале (пусть будет метроамп), это подстроечный руль на плате, а не для "постоянных" игрищ на панели аппарата. 1 раз отстроил, без перегрузок, помех и по уровню и пользуешься.
... и добавил:хотя, вроде ранее не было у них(метроампа) переключателя уровня прямо на плате. возможно и там - делитель
... и добавил:Процитирую мануал метроампа...:
LEVEL ADJUSTMENT
Level adjustment is user adjustable via the small DIP switch on the board between the send and return jacks.
The “level -20” position is meant for pedal level effects. “Level +4” position for line level effects or in
situations where the signal may be lower than expected to the loop and signal to noise ratios are not ideal
(e.g. a 1959 style amp you play cleanly at low volume settings and you hear notable noise when loop is
engaged while set at pedal level). Choose the level you will use the most often, set the DIP switch
appropriately. The loop may require a one-time fine tuning of the loop level. Only may need to do this if
there is a notable and undesirable rise or fall in the amp’s overall volume (or of overdrive in a cranked amp,
though this is easier done with amp set clean) when switching the loop in or out. Do allow amp/loop to fully
warm up a while before deciding if any adjustment is warranted.
See the small blue trimmer pot below. Be very careful in the live amp, use a small insulated or plastic
screwdriver (other hand behind your back) to adjust this pot. Be sure the screwdriver or your hand does not
contact anything inside the live amp other than the pot! VERY SLIGHTLY adjust the pot as needed, a few
degrees at most should be more than enough. Do not set the pot fully one way or another, only very slight
tweaks if any will be needed. Easiest to have someone play the amp while another adjusts the trimmer pot
until, loop in or bypassed, there is no volume/gain change in either switch position. Adjust pot clockwise to
reduce loop signal strength, counterclockwise to increase, again using very tiny adjustments. Once set you
are good to go. There may be a very slight level change when switching from line to pedal level afterwards.
Should be insignificant, but why it is best to adjust for the level you will use most often.