Why is the iMac M4 volume lower than older models?

I bought a 2024 iMac M4 to replace a late 2017 iMac running Monterey.

The volume level especially at the first 1-4 bars seems much lower on the M4 vs the 2017 iMac.

I'm using Audio Engine HD6 Powered speakers connected to iMac by either Bluetooth or Headphone jack.

Volume on HD6 set at max. Volume on Music app slider set at max and I'm using keyboard to raise lower system volume.

Anyone else notice a volume difference between older Macs and M4 Macs or is it me!

[Re-Titled by Moderator]