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Yep, both are right, some compressors affect tone, either brightening things up, or dulling them. You can then choose to correct that with an EQ, or maybe it's desireable.
Tone v/s loudness is weight v/s loudness, the more you HPF, there more room you make for the rest of the spectrum. Same counts for the high freqs. Cut both and you end up with phoneline bandwidth which can go insanely loud 
In the end there are no rules or standard behaviours, they differ per plugin or box. Your best of by learning what each of your tools bring to the table and learn to use them at your advantage. Rather than being pre-occupied, trying to find "standard recipies" or "best"' practises.
Doing nothing is a vald choice too.
And one should worry about tone and distortion instead of loudness. Loudness by itself should never be a goal.
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