32X audio output is almost 4Vpp on the cartslot pins, and it clips early, both tips of the sine are flat. There's a 45Hz -3db point high pass filter forming in most MDs (47µF cap in 32X, 75ohm load on most MDs).
Actual PWM output, aliased by the digital nature of the scope lol :
Final output going to cartslot (prior to highpass filter capacitors) :
Black starts at 25mV above ground and goes up to 800mV with more or less exactly 25mV steps on red and green channels, but blue channel is about 20mV lower in full scale amplitude, which explains the subtle yellow tint compared to MD output that is seen on all 32X I have had access to.
RGB output going to the TV has twice the amplitude of what goes in the encoder (and is divided by two by 75ohm resistors in the SCART cable and loading resistors in TV). Divider on 32X RGB divides the signal to about 660mV as it enters the encoder. MD input is divided by 2 exactly like SCART cable+TV would do, and 660mV also enters the encoder, so 32X and MD sides have equal weighting, with exception of blue channel on 32X which is nearly one RGB step lower in amplitude giving subtle yellow tinting.
Video output from 32X VDP :
