Yes and no. There are now two resistors (the existing fixed 22K NFB resistor and the variable 1M depth pot) but they are in series from the OT tap to the connection at the PI. It's not really a voltage divider.
You're missing the 2 resistors PRR is talking about. The other resistor is between the long-tail inverter's "tail resistor" and ground. The typical presence control should either be this resistor or be in parallel with it.
The overall negative feedback (before NFB-reduction by way of a presence or depth control) is determined by the voltage at the OT secondary tap used (which depends on the actual tap selected and the output power), and is divided-down to a lower voltage by the voltage divider formed by the series negative feedback resistor and the resistor to ground.
The depth control can only make the amp louder by the amount negative feedback has already knocked-down amp sensitivity. Total power output doesn't really go up (clean output power should actually drop slightly, because the feedback reduces distortion for the portion of the amp it's wrapped around), but the output stage will require less drive signal to hit that maximum clean power. Said another way, feedback makes the output stage less sensitive, requiring more drive signal to hit the same output power.
If you look at the volume control setting and judge ear-loudness, then turning the depth up makes the amp seem louder because the same ear-loudness happens at a lower number on the volume knob. Really, it just distorts at a lower volume knob setting, which makes sense because the feedback was keeping the output stage cleaner.