Why Output Level of Limiter shows something different from Audio Level

I have a clip with some EQs and a Limiter as the last effect. When looking at the Limiter Editor, I see the Output being -4.5dB.
However, when I check the FCP Audio Level, it never gets higher than -10dB. The "Adjust Volume" on the clip is at 0dB.
I don't understand how the 2 audio levels can show different values and which is the real one then.

Any idea?

The difference between the two meters is probably due to the Pan setting for the clip. There is a 6 dB difference between Pan set to None and Stereo Left/Right. The main timeline meters show the overall output level, whereas the level(s) shown in the Limiter UI is for the clip before the Pan mode is applied.

Aside from an applied effect, the Pan mode setting and how it affects the clip's output level(s) can be confusing, due to the implementation of the "stereo pan law" in FCP.

Here are a couple of articles about this:

The Pan Law and FCPX
tpayton.com/the-pan-law-fcpx/

Audio: Mono Versus Stereo Levels
larryjordan.com/articles/audio-mono-vs-stereo-levels/

Ohh ok I didn't know that. Thanks for explaining, will definitely check those articles!