It doesn't, no.
I was told by MB that it's just the way they had to do it in 1985. It's one of those "whaddaya want from a 25-year-old-amp" things. Allegedly if you plug in Ibanez pedals from 1983 it'll work great.
He said you could probably tweak the loop to work better with individual effects, but for something that works better across the board you'd have to build a whole new circuit with at least a return level control, probably a send level control, and a buffer stage... "or just buy a Mark IVB."