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Yes, you're missing something.
Imagine track 2 sending to Reverb.
If you lower the gain from the original fader, the wet gain will be proportionally increased as the dry gain is lowered.
If you do it from the send gain, you modify the wet gain, but not the dry gain.
However, if you follow the post-fader flow and use the gain from the plugin, the signal will behave as it should. Both the dry and wet signals are decreased equally.
I say it's a post-fader workflow, because it really is.