I have an amp with this feature that is adjusted by a flathead screwdriver: the JCM900 2500 SLX. And you arent lying! Its basically useless and i dont use FX on that amp for that very reason
When you turn that pot:
the send increases and the return decreases at the same time...
or the return increases and the send decreases at the same time...
genius design.
You can never get the levels correct no matter where you set the pot.
I can't imagine the logic behind the way that was built.
But the only way to set all the levels correctly is using a mixing board.
There doesn't seem to be a single guitar amp that allows the right levels on any / all effects units.
Hence the need for a new type of effects system in guitar amps.
Set send independently
Set return independently
Set series / parallel mix/ or bypass (user selected) user adjustable on the fly.
In other words and effects loop that does the same thing that a good mixer will do, built in to the guitar amp.
Why not?
It's like the need never occurred to anyone.
And when you do have that:
the effects become (not only super hi fi clean) but user friendly for a change.
It's like your effects suddenly become 5X more versatile than before.
You can get all kinds of sounds that you could never get before. The effects become much more useful.
I have built an effects loop like that experimentally, and it was a new world.
The effects sounded like a recording studio instead of a stinker in a bathtub.
I used a Metro effects board, which I modified. (it's an FET loop)
I used a dual pot for the series / parallel mix / bypass control.
It was pretty simple but wow what a difference.