'voltage drop' comes in 2 forms which combine to result in the volotage applied to the coil in the atomizer.
Battery output voltage sag/drop varies a lot depending on the battery used and the load applied aka coil resistance.
Fir example the output voltage of a VTC5A vs 25R in the same mod using the same atty will be enough different that with my builds ~.3 ohms will be just as I like with a 25R but too hot for me with a VTC5A.
The other contributing factor is physical resistance within the mod. Wires, materials used dirty threads, etc.
In unreg devices with a mosfet/switchfet module the voltage drop can also vary. Rhis is due to differences in the forward voltage drop of different Mosfets.
also mosfet only devices do NOT cap the maximum output wattage.
If a switchfet device says MAX 80W on the documentation it is just a safe maximum wattage before stuff starts melting and such inside the mod.
The Pico Squeeze falls into this category as it does NOT regulate the MAX wattage listed.
Tested one for that and it went over 100W as measured at the atty terminals.