It's the same as running MIDI into a hardware synth who's audio outputs are then plugged into a hardware mixer channel. Adjusting the channel fader on the mixer won't affect the MIDI input side of things at all.
By the way - altering the MIDI volume also works, but can have unwanted consequences on the sound coming out of the synth depending on how the synth is programmed.
Many synths also have an output volume control, and, come to that, adjusting the sustain level in the vca envelope can also be used to control volume.
Lots of ways to achieve the same end result, it really comes down to what works best for what you need to do at the time.