Thanks for your help with this. My settings are the same as yours except for one major difference -- I'm trying this with a speaker model, not Flat. When I go Flat, I don't redline.
There is no monitoring going back to the PC.
I've captured the waveforms below. This is kind of meaningless in that I don't expect the XLR out and USB to be at the same levels, but the XLR output is usable, the USB isn't.
Does using the Vintage speaker model make a difference? This is how it is set for me (this is just the default).
And with full disclosure, I am increasing the level from the Helix to the PC. This is so I get some of the yellow LED when strumming the guitar. From what I've read that's what you need to do to get the best sound out of the PC. This was all just intended as a test, but when I'm doing recording while playing through the PC, I'd rather record that emulation than use a separate speaker cab from the Helix. Of course, different blocks and gain staging will of course impact the desirable level to the PC.
Assuming you can reproduce this with a speaker model -- still a question of course -- my conclusion is that the PC isn't designed to sound its best *and* record through USB at the same time. Perhaps if I turn down the levels to the PC I'll get less desirable sound out of it but get a good USB level (assuming the speaker and mic modeling are linear). I'll have to test lowering the volume, but my hope was that I could follow the advice on the yellow LED and record.
If you have other thoughts about this, they are much appreciated.
Thanks again!