Mike in your question to FabFilter you mention Hi Cut in the heading and Lo Cut in your actual question. Which is it?
Also if you mention Q then you cannot be talking about filters. Filters don't have a Q setting usually. So are you referring to a peak style EQ then.
Anyway I did some tests and set up a source of pink noise at a very precise level and metered the output with a VU meter. I tried several filters to start with, all at 48 dB/Oct slope at both ends of the spectrum.
(I even set up a Cakewalk LP64 EQ and replicated the response and tried moving all the nodes and still got no upward level shift) In all cases I got
no upward level shift here at all anyway no matter what the cutoff freq was. (only a downward shiftt in level as to be expected as you move the cutoff freq further in etc)
I also tried this with a peak style EQ as well with a Q of 1.0 and also got no such level shift either. Only a drop in level as to be expected.
Sounds a bit strange to me. The fact is if you are taking stuff away the level should go down not up. That is what is happening here for me. In all the years of mixing I have done and used steep filters at either end of the spectrum I have
never seen any upward level shifts. (probably because I don't use any Fab Filter stuff maybe!)