There's only one difference between the "line isolator" mode and the "DI" mode, and that is the winding ratio of the transformers and the resulting output impedance and the level of attenuation applied to the input. Walrus Audio's Canvas products are newcomers to a very well established industry dominated by companies like Radial, Countryman, Whirlwind, and others who have been making DI boxes for decades.
They didn't reinvent the wheel, just discovered a marketing angle that guitarists who aren't aware of the pro audio realm hadn't heard before.
(edit: I just realized the Canvas is a passive box, so I've edited this.)
Being that they are passive boxes, the Canvas products use audio transformers to do what they do, and have a separate pad attenuation function. Therefore, the only difference between the "DI" mode and the "LI" mode is that the transformers they are using either have coil taps to allow the transformers to function with 1:1 winding ratios in LI mode, or they are using two entirely separate transformers for the two functions.
Given the price, it's pretty obvious WA aren't using Jensen transformers, they are using a cheaper brand, more equivalent to Radial's ProD1 and ProD2 (non-Jensen) than their JDI and Stereo JDI (Jensen). I haven't seen inside the Canvas products, but Jensen transformers command a premium.