Basically look at it like using subtractive EQ rather than additive EQ. You aren't adding to the signal (or boosting it). When you are on high gain, that is the normal output (unboosted). When you use medium or low gain it simply subtracts from the normal gain (which is confusingly referred to as high gain) by using resistors and such. So when they say that there is no boost, it means just that, just like you might do when using subtractive EQ it starts at full signal, and you subtract the frequencies that you don't want to hear to make the "normal" ones sound louder. I hope this makes sense?!
P.S. This is also the reason that I leave mine in high gain all the time. There IS a noticeable difference with some music. When you go with medium or low gain, you lose some dynamics in the sound, and some technicalities. Basically, you are making the device be "less" than it is by default. Besides, I only have one IEM that is sensitive enough to worry about noise anyhow (9ohms), and on high gain, while it does get pretty loud at just 10dBSPL, I never hear any noise (which makes sense, since you aren't really boosting the signal beyond "normal" anyhow.
P.S.S Also keep in mind that when we are referring to gain this doesn't necessarily translate to volume in all cases. Gain is the dB level before amplification, and volume is the dB level after amplification (to simplify it). Having said that, you COULD use your gain settings for those songs that frequently "clip" to help with this while still being able to get a good enough volume to satisfactorily listen to them. This would work in much the same way as if you added too much bass via EQ to a song and it clipped. If you turn down the gain in the EQ app, you could get that extra bass, but also not clip.... Hopefully I didn't add more confusion?!
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The difference here is that one is a software gain and the other uses the hardware to achieve it.