Right now the VISUAL feedback meter for mic activation threshold is only accurate is mic output volume is 100%. If you lower Mic Output Volume, you can see your microphone activating even though it's not hitting the threshold anymore.

The visual feedback for Mic Activation Threshold seems multiplied by Mic Output Volume but the raw value used behind the scenes to activate the mic is not. (I prefer that the raw value is the visual instead of making it follow the adjusted one)

Video Example: https://youtu.be/AMLG7IZs13U

Visual mismatch is consistent between Quick menu and Main Menu.

(Mic icon does not light up when threshold is hit in big menu though)