Well, I didn't walk over to my 700M to see exactly what it's called, but yes, the subsonic filter switch interrupts the signal path and is a potential spot to lose the signal.
The gain of the power amp itself is fixed (as nearly all power amps are), so as long as the amp is operating, I'd expect that any signal that makes it to the first amplification stage will get the same amplification as the other channel. It's an important concept to keep in mind when troubleshooting power amplifiers, in that the things that can go wrong that would cause one channel to have lower gain than the other are not impossible, but unlikely. Therefore, 99 times out of 100, any signal attenuation that occurs happens before the signal makes it to the driver board.