I plotted the curves on Duncan's Tonestack calculator. The top curve is the Bassman 5F6A; the bottom curve is the curve of the more standard Fender BF tonestack - controls at mid-position. (Please ignore that the chart says Marshall).
There is a significant difference in insertion loss. By way of illustration: If this were power amp output (instead of voltage gain in the preamp), then ea loss of 3dB would require 2X the amp's power in Watts to make it up. The FMV Mid drop is about 12dB down from the Bassman. That's 4X 3dB increments; so @ 50W, 800W would be needed to replace the insertion loss!!!
EDIT: Note that swapping the Bassman 5F6A's 25K mid pot for 10K - all pots @ mid position - results is a nearly identical curve, but with an additional 4dB mid-drop -- barely audible. Also, changing the tone caps from 22nF to 47nf / 100nF also yields little change in the curve. This seems to indicate that the cathode driver circuit produces both a much smaller mid dip, and far less insertion loss overall in the tonestack.
EDIT 2: Speculation: With additional notes, including harmonics riding on a single guitar note, the tube will see the notes superimposed on the signal curve and increasing its amplitude (swing across the loadline). Given that the cathode driven tonestack already yields more mid signal voltage, then the extra swing provided by harmonics (or other fundamental notes in a chord, etc.) may be sufficient to drive a stage into saturation & compression.