I’m using the standard limiter in a group channel to make sure its output doesn’t exceed -0.5 dBFS, so I’ve got its Output parameter set to -0.5.
Looking at the peak values above its input and output meters, I noticed that not only does it do its job (limiting peaks to -0.5 dB), it also seems to reduce the overall signal by 0.5 dB (as indicated by temporary peak holds well below -0.5 dB, meaning temporary output peaks will always be 0.5 dB less than the corresponding input peak.
This is not the end of the world, but also not something I would expect a limiter to do (it should only modify the signal when it exceeds the limiting threshold).
What am I not understanding here?