[Elecraft] Is DVR audio really getting equalized and compressed?

[Barry]

I started a thread a week or two ago about lackluster audio from the K3, 
with the MH2 mic, as heard on GW4BLE's recording of the ARRL SSB test.  
After several responses I am now satisfied with my live audio.

However, as I monitor my audio, the playback via the DVR still sounds 
lackluster as compared with live audio.

Questions:
1.  Does the DVR playback audio really pass through TX EQ and audio 
compression before being transmitted?
2.  If so, why does it sound so different from live audio, as I hear it 
my headphones in TX Test mode?
3.  Is there a separate audio gain setting for the DVR output that I'm 
missing?

Tnx,
Barry W2UP