Yep. I think is what is making it confusing. Try firing the MVP while watching the screen. You'll see the voltage on the lower left.The wattage and voltage settings are independent. If I set the volts to 3.3 and then set the watts to 11, going back to volts will show 3.3.
This doesn't mean it was firing 3.3V @ 11W. It means it just saved my setting for when I switched it back to voltage mode.