freeze seems to ignore changes in track level

[kuniklo]

1. create a clip that's loud enough to create clipping on a midi track
2. freeze the track
3. drag the frozen clip to a new audio track, notice clipped waveform
4. unfreeze and adjust track gain on original track 1 to avoid clipping
5. refreeze
6. again, drag clip to audio track - seems original freeze file is used, still clipping

[dr.wackler]

[...] adjust track gain on original track 1 to avoid clipping [...]

Track volume and pan is not included in frozen files, so that they are still editable on frozen tracks. That's a feature, not a shortcoming.
You'd need to reduce the gain in an earlier stage (i.e. before the track volume fader) to include the gain in the frozen clip. For example reduce the gain in the synth itself or use a utility plugin to reduce the gain.

[kuniklo]

Makes sense. Thanks.

This new feature of being able to drag frozen clips over to new audio tracks is extremely handy.