Master Volume should only control the volume that I'm hearing, it should have no effect on audio source volume in OBS.
In my case it does have an effect and looks like it's a bug (either OBS, Windows or headphones fault). Increasing/decreasing Master Volume increases/decreases volume in OBS, but turning it all the way down (muting it) in Master Volume brings volume in OBS back to 100% (probably because my App Volume is at 100%).
I can control the volume I hear without affecting OBS only by headphones buttons, but it's not synchronized with any displayed value in Windows.
In my case it does have an effect and looks like it's a bug (either OBS, Windows or headphones fault). Increasing/decreasing Master Volume increases/decreases volume in OBS, but turning it all the way down (muting it) in Master Volume brings volume in OBS back to 100% (probably because my App Volume is at 100%).
I can control the volume I hear without affecting OBS only by headphones buttons, but it's not synchronized with any displayed value in Windows.