but I'm not necessarily sure it isn't since musicbee could be applying a compensation to prevent clipping when running in shared output.
I'm pretty sure that's not something MB does. It will clip if your file clips.
I'd check the file in the tag editor on the settings tab and make sure you haven't inadvertently adjusted the playback volume there, although switching to WASAPI shouldn't negate that.
Maybe do a deep dive on the tags of the file and make sure you didn't do a gain adjustment there (not replaygain tags - MP3Gain style) at some point. Again, WASAPI exclusive wouldn't fix that, but it's all I can think of.
No other ideas really, and I doubt those ideas have any real hope of being useful.