Exactly that! Headroom, and how it links with the 4ooo settings.
I originally thought that the master level effects the "scale" in the mod matrix. Thats not the whole picture. Akai did not document the gain structure well, and I think I know why.
First of all the key to understanding this is, it's a 64 voice synth/drum machine/sampler. It was designed so you can play all 64 voices at the same time without distorting. There are so many different places where you adjust the level, along with a high voice count making distortion likely. So in design Akai made a "ceiling" level, where it would not allow any of those other places/amount to be turned up. It would cancel the levels/amount at other places, like the mod matrix. You will not hear a change at different settings. In order to get the best out of mod matrix and the 4ooo you have to learn gain structure on the unit. Its a must.
There are some place's where you can change level which will effect the gain.
1. global
2. program kg mix
3. multi mix
4. program zone
5. filter attentuation
6. midi cc07
7. any source that goes into amp in the mod matrix
Once you hit the "ceiling" you will not hear a change in sound with different settings.