+ Above. Step down is just the ability to reduce the voltage output to your atomizer to match what the user wants.
But it's not the whole story.
Mods without step down can also pulse the output to achieve the equivalent voltage (for the most part) of what you need. It's not perfect, and some people say they can detect the difference (I can't), but it does get close.
So if your battery is at 4 volts and you want to vape at 3 volts, you can fire the atomizer for 3/4 of the time, usually done in fast pulses to keep the temperature of the atomizer about where it would be if constantly fired.
That's called PWM (Pulse Width Modulation). The box currently in my hand, a Sigelei 30W Mini, works that way.