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Been playing with some settings and to my surprise I found that disabling the final limiter makes things much less pumping, more consistant, opener and actually louder too.
I checked the output and I don't really hear any distortion and due to the hard limit I can't see any peaks above 100%.
Really? That would be great news - I was trying to reduce the CPU load by simplifying and optimizing the Loudness filter, but if this filter can be turned off it should reduce the CPU load considerably.
(Actually this is starting to make sense to me now: Before Loudness contained some filters that didn't really perform very well. I've improved them now, so they should be far better able to handle loud sounds. And I didn't improve Final Limiter in the same way.)
I guess I should then always enable the final limiter 'Low CPU usage' mode if Loudness is enabled (because that basically bypasses the Final Limiter, but its volume slider still works.)