Well,, yes and no . . .In the older days, when everything was transformer based, the original design was power on the center taps, which put the same voltage on both signal legs, and was taken off the center tap to ground on the other end (mic or whatever). Since no potential difference between legs, no flow in between, just to ground. The transformers coupled the signal on top of the DC transparently. As time ran forward, and solid state front ends (IE non transformer) came into being, yes, they do what you describe, but I think if you check, a lot of mics still use a transformer to drive the balanced line, and pull power from the cener tap. Even in the older stuff, there was a current limiting resistor, but only one . . . and not sure it was 6.8K. Tthe po9jt I was mak9ng is that while that is what may be seen as the input impedance (at least to DC), it's via the common pair to ground, and as such, does not necessarily exist in the remote device using the power, where it's souce impedance is more based on the output stage of the device driving the line that the circuitry extracting power.
And in a bass, you would need something to get between the high impedance of the pickups, and the 600 ohm line, *or* use a different line impedance for the MI version more suitable to instruments and shorter runs.
I've found numerous circuit images showing exactly this, but my tablet is refusing to cut and paste them, and I'm not up formtyping the long strings of gibberish that arebthe links.mThe one thing I am certain of,however, it that Imdamn well know how phantom works, and the various implementations . . .