At least that's been my experience.
That's not what I'm talking about and, as far as it goes, that's a misunderstanding of the electronics anyway.
When the volume control drops out, it does not "come back" with further rotation -- it's gone, the pickup is silent. ~90%+ of the rotation does
nothing at all.
This also has nothing to do with "magnetic balance," but with inductance, the various problems with which, coming from dissimilar and incompatible pickups, prevent the intended smooth volume roll-off from ever happening and instead produce strange tonal peaks and cancellations that can be either interesting or debilitating (likewise on the tone control, but that's a different problem).
If a volume control is
properly working, it should have
no effect on tone, obviously. They are volume controls, not tone controls.
But in
really bad cases with V/V/T, as on this HRPB, the volume pots are when used together effectively neither and are completely useless except as clumsy pickup on/off switches -- and an actual switch would be an improvement. You certainly can't mix with them.
As I said, the trainwreck varies with the pickups used, but passive V/V/T is never that great.