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It only recompresses it if you add another composite layer before doing the mixdown. The same is true with a submaster effect - if you drop it over a master clip and do a render, it should just copy the media of the master clip into the submaster render.
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I'm pretty sure it 'copies' it. I did some difference matte tests in Photoshop a while ago to try and answer this very question, and the mixed-down and unmixed-down frames were identical (at least visually) Anecdotally, the speed of mixing down rendered vs. unrendered effects would also support...
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