Okay, we'll see what's gone wrong.
(The rest of the post is the boring loundness thing rant.)
There is two ways of amplification, ere (before) processing and post processing. They are making essential difference. Early multiplier scales the signal before any other processing took a place. Later multiplier scales the signal after every other job is done, clipping including. Early input signal scaling gives more room for a power bursts, which will be otherwise cutted off by clipper. The clipper chop off the maximum overlimiting, everything chopped off is the excessive raw power, distort loudness. The pre-scaling actually preserves the excessive amount of power as there is some details along with a power bursts. When the user attenuate the signal it scales down but the bursts still there, the just comply with acceptable absolute maximum range, though bursting over user intended level.
Then, it is just a half story.
The Windows mixer clipping math includes a dithering, any dithering lowers a high frequency domain, the most benificiant of the overclipping. Less audible hissing and smoother signal steepness makes an impression of a lesser loudness. Perhaps the lower loudness themself could be part of a loudness war coutermeasures. The modern overcompressed music gives enormous clipping. There is no room for any "smoothing" filter to go any bit higher, just to do anything you need to reduce the overall output raw power first, the loudness i mean, need to scale it down a little.
It's a well known effect that a bitperfect loundness are usually sharper and louder then filtered and toned down shared mode. It's the same observation for any general purpose player more or less. The google explains the loudness war phenomenon, me don't dare to repeat its just too intricate to be explained by my wrecked english. The record industry is hopelessy ill. You may just wonder how much brand new legal CDs i just throw off because of ridiculous compression. For example i presented the gorgeous CD license catching with nothing else at disposal in time, hoping to buy it again, and i did it just to discover the newly issued CD's screwed the loundness making it way too noisy and super loud. I had to visit the new owner of beloved CD to make a copy. And so on...
In short, the modern records are overcompressed, there is little dynamic and too much raw power. It makes no good to the DAC which have to deal with extreme, unnaturally steep signal, higher power consumption to reproduce more raw power. Excessive power = distortion. Reducing the power a little may pull the most DAC's away from an overload currents. This is why i kept the optional software volume control for exclusive mode, to fight the loudness and extreme overcompression. The only best method to fight the excessive raw power is to scale it down as early as possible before it starts to make damage (distortion). Remastering the source file is not a good option either as you may reconsider your opinion about optimal loudness based on your health, sleepiness, environment, mood.