Running an entire track through on Clean Boost – very subtle audible change but drastically different waveform? – Analog Heat

I’m just exporting some tracks and doing a final run through the Clean Boost circuit. The settings here are very subtle. Just Clean Boost, tiny bit of EQ, no envelope follower, no filter, fully wet. The audible difference is noticeable but very subtle indeed, yet the waveform looks drastically different.

It looks like limiting, compression, something. The big peaks are gone. Yet it’s just a bit of very clean sounding drive. Can anyone in the know explain what’s going on here?