Been a perennial pet peeve with me too ...
Calculated or not, in many cases, the volume levels are just plain wrong. IMHO ... "volume leveling" would suggest level, as in volume, as in not having to adjust the playback between albums.
I see that now (as of MC19 anyway) we can edit the values in the analysis tables ... but ... (big but here) they don't seem to affect what I'm hearing. Example ...
Top table shows the edited values, bottom the original set by the analyzer. One would expect to hear a SIGNIFICANT difference (50db??) and nada. Here you can see that, yes, the system is configured to use the analysis tables on playback ... unless I'm missing something here ...
Maybe I'm just targeting the wrong values when I edit the record??
What would be PERFECT is if there were a MASTER volume setting per album. Playback is consistently too high or too low across the tracks, so it'd be killer if I could just tweak that as needed and have that saved for an album.
PS ... the edited values stick in the table even after a full MC exit and restart, so I know the editing function works. Sort of ...
The only way to modify is to use a program like Audacity to actually drop/raise the peak level and modify the file itself
Certainly an option, but we're talking guesswork there. Even noting the db drop on the volume slider in MC and matching that to a corresponding db drop in Audacity had inconsistent results, and there's no similar ability to gauge a db INCREASE required to balance the material with the majority of your media.