No doubt the regulation circuit has some way to clamp to total watt output at whatever the amp limit is regardless of desired voltage. How else could it have a safety / overload shutdown protection?
With your example numbers, it theoretically should be able to do that, at 6 volts, if it has a 5 amp limit, yes. But the control may throttle the voltage back. Perhaps get an inline voltage tester to see what's really coming out?
If you look at the numbers that pbusardo does on the MVP2 in his review, you can see that the numbers are not really consistent with the 3.5 amp cutout that is listed in the manual. However if you do the calculations then they do seem to bear out an attempt by the device to maintain 11 watts.
If you look at his numbers in variable voltage mode, the voltage limitations do not calculate at all to a 3.5 amp limitation or any static amp limitation for that matter. However it does seem to indicate a limiter right around the 11 watt range.
1 ohm, 3.3 volts max voltage achieved, calculates to 3.3 amps and 10.89 watts
1.5 ohms 3.9 volts max voltage achieved calculates to 2.6 amps and 10.14 watts (if the read ohms is off by .1 at 1.4 actual, this number changes to 2.78 amps and 10.86 watts)
2.0 ohms 4.7 volts max voltage achieved calculates to 2.35 amps and 11.045 watts
Surprisingly, this almost mirrors the MVP 1 which was a variable voltage only battery.
In Variable Wattage, Pbusardo, shows the 1 ohm coil always firing at 3.3 volts regardless of the wattage setting. Of course this makes sense since the MVP can't adjust lower than 3.3 volts, so the variable wattage setting will be inconsequential.
What I think is occurring on the MVP is that there is a normal limiter at 11 watts. As resistance lowers, it will continue to lower voltage to maintain 11 watts. If the coil resistance drops further that it can no longer compensate by lowering voltage, the device will continue to fire at 3.3 volts until it draws 3.5 amps and then shut down.
So I think the device has a operating limit of 11 watts regardless of the amps being drawn, and a shutdown at 3.5 amps if it can't maintain below 11 watts.