I can't tell you that cranking up your masters a good bit and putting an extra control in the effects loop does anything to the tone or pushes the EL84s or 6L6s any harder
I don't have a schematic for the 5:50, but for one of my Fenders, the effects loop has a tube stage driver before send & after return with level controls for each, so it's effectively another boost if the send/receive is jumped with a straight cable. Your effects loop is resistor & capacitor coupled with some kind of driver, so switching in the effects loop will affect the tone, but since a passive volume pedal is likely just a pot/resistor, I cannot imagine it would affect the tone that much.
Looking at the tube chart for my 5:50, it appears to have a tube driver (would really be disappointed if Mesa put op amps in the 5:50) & the effects loop is resistor/capacitor coupled so engaging the effects loop will change the tone -- I doubt I could hear it but some audiophiles can hear dog whistles.
The potential for changing things is putting a pedal in the loop. These things have op amp & transistor drivers. I've tried EQ in the effects loop without any good results vs changing the input/preamp signal. But then again, if you're mic'ing the amp, it's going through a solid state board & PA. So there are a lot of things that affect tone. I run a multi pedal in my 5:50 loop & I really cannot tell a big difference using compression and delay/modulation, but I like the multi pedal in front of some amps and I like it a lot better in the loop for modulation & volume control.
To get power tube, output transformer saturation & speaker breakup, you have to crank the amp past 6 & then not attenuate the effects loop signal too much or alternatively boost the effects loop signal. I'm sure there are differences in how you get the power stage signal boosted. I tend to think if you're going to get a cranked amp sound, don't use the effects loop.
You can use the old rule of sixes: vol=6, treble=6, bass/middle= 3/2 (3x2)=6 & then vary the master volume to achieve the right amount of output transformer & speaker breakup, and then plug in the effects loop to compare. Fender's sound great on this setting, but it's too loud for most of us.