The formula that rules the input and the output of all power converters (and the DC/DC converters in a VV or in a VW box are power converters), in the ideal case (100% efficiency), is that P
input = P
output. So all the power that comes out of the battery (input of the converter) goes out to the atomizer (ouput of the converter), or
Vbatt * Ibatt = Vatty * Iatty
If one sets the Watts in a VW
mod, and V
batt goes down as it discharges, the converter will draw more current, increasing I
batt, to give the required Watts at the atty, as you wrote above.
If one sets the Volts in a VV mod, the converter will adapt its inner workings to keep V
atty at its setpoint.