If you have four volts, that is only just over 3 db and a spit in the ocean. I can tell you form my live reel to reel recoding, that is nothing.
You had to use all available modulation on tape, or you paid a huge signal to noise penalty. On the best tapes you only had 3 db headroom. I can tell you that was a really difficult management problem. You had your eye on the ballistic and peak meters, and tried to follow the score at the same time. You had to be ready to artfully gain ride at any moment , and have keep a hand on the faders. I can tell you 3 db headroom is a tight rope and nowhere near adequate.
I'm just grateful I had such good mentors as a youngster, who taught me how to engineer for the real world.
First item of business with any pre/amp or voltage amplifying device, like a mixer say, is to measure the headroom. 10db is the absolute minimal in my book, more is better.
I have a hunch that if I actually got to measure the most important parameters of a lot of the gear you use, you would be horrified when you got the report.