My understanding is that either as part of the file analysis or as part of the DSP algorithm, volume leveling not only reduces all audio volume to bring the average level of the music to a reference level (-23 loudness units below fullscale, equivalent to -23dBFS), but also (as an edge case) looks at the True Peak of the audio, and if it would not otherwise be attenuating enough to bring the file out of clipping reduces the target further.
Adaptive volume when engaged alongside volume leveling adds volume back, but is setup to never add enough volume to cause clipping based on the analyzed true peak of the file. What I don't know is what adaptive volume does in this context when it's running by itself (whether adaptive volume by itself ever applies negative gain). I can't test right now, but I have How to Train Your Dragon at home, so I can test and see.
None of this necessarily applies once you start mixing channels, it's only designed to resolve intersample clipping baked into the file itself (i.e. the track itself clips as mastered, and JRiver resolves it)[EDIT: looks like the downmix does take True Peak levels into account, see below]. If you need some additional detail on intersample clipping, I can explain further, but the basic idea is that you can have a signal that has consecutive samples at or below 0dBFS that is nonetheless clipping like crazy because when the waveform is reconstituted, the "line" connecting the two samples pushes above 0dBFS. JRiver's True Peak measurement is made by reconstituting the waveform and seeing what the real peak actually is.
The consequence is that there is commercially mastered content that cannot be played back at 0dBFS without clipping because the folks recording/mastering the audio either had cheap clip meters (that don't show intersample overs) or were ignoring their expensive ones.