Track meter shows no level but master meter does

I have an audio track within an Atmos project which has a clip with its clip gain set to -29dB, it is audible when soloed but the track level meter indicates no sound, neither does the bus the track is routed to, but the master shows a level of -46dB.

If I increase the level with clip gain then the track level meter displays. If I then decrease the fader the numerical readout still works, even if the level meter is too low to actually see.

If I bounce the track in place, disable the original, new track has clip gain at 0dB, level meter does not display.

If I disable the Atmos renderer then the levels drop slightly but they are still above the -60dB threshold the meters seem to have, yet the track still shows no level.

It's almost as if something is boosting the level between the bus and the surround output but there's nothing on either channel, bus or master that would do this.

I'm utterly confused.

MacOS 15.4.1

Logic 11.1.2