Envelope not applied strong enough after "Mix and Render"

I have this track and I want to make a portion quieter.
I use the envelope tool to control how it fades and I align the strength of tyhe signal with a overall track.
Before “Mix and Render“, it “looks“ aligned, but after “Mix and Render“, the result is always louder than I expected.

(I don’t have any real-time effect, and my track volume is unchanged).
Is is normal?
Attached, the screenshot wit hthe original tracked + envelope above, and the “mixed and rendered“ version below.

It looks like your envelope tool settings have been ignored.

Your envelope looks weird: the blue envelope outer lines should be attached to the grey area …

https://manual.audacityteam.org/man/envelope_tool.html

I think it is because my track is displayed in logarithmic mode.

Envelope still looks the same …

My track is 192kHz 32 bit float.
I work with Audacity 3.7.7 on Windows.
Do you think it could be the reason why my envelope does not behave as expected?

It’s not that …

I’ve never seen an envelope like yours, so my guess it’s a bug.

@steve