Thank you VintageGibson
I used the term Render, but Merged is more accurate (though it is under the Render option in recent versions)
I started thinking I was the only one that noticed
I have noticed this as well David. I check the master slider before I play anything in RB to avoid the destruction of my already damaged hearing! I rarely use the merge option and usually save all tracks to audio files option, and then import them into my DAW of choice as I have never really delved deep enough into RB to be comfortable.
My process is usually to audition MIDI files I have created, bought, found etc. in RB and sometimes I save them as audio files for later use, sometimes I don't. The source of the midi files being different, sometimes they are set at very high velocities, volumes, etc. and can be quite loud. So, the master slider is where I control that mostly.
I have never noted any level decrease in those saved audio files.