I'm not sure if this is exactly the case, but here's what I think:
The volume control controls audio playback only.
When you record using the sound recorder, you are speaking into your microphone, which records the sound into your speaker. You do not hear your voice coming back out your speakers at the time you record, so your microphone volume is still set to -nil-. When you play your recording back, it's controlled under wave volume, since it's not your microphone anymore.
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