Based on the Denon specs sheet, output voltage is the same regardless of the output selected.
Dan (Celander), where do you see that? What I see
here is simply a reference to "output voltage 500mV / 2.2 kΩ." I would not infer from that that the balanced and unbalanced output voltages are the same; it is quite possible that the spec applies to one of the two outputs (probably the RCA output, given the 500 mv amplitude), with the voltage of the other output not being indicated. Also, while as you said balanced output voltages are commonly stated to be twice as great as unbalanced output voltages, with the balanced output voltages being implicitly defined as the instantaneous voltage difference between the two signals in a balanced signal pair, I’ve seen a number of instances over the years in which balanced output voltages (and also impedances) have been defined on the basis of each of the two signals in a balanced signal pair. As confirmed by John Atkinson’s measurements of some components that have been published in Stereophile.
Also, as I alluded to earlier, pro equipment is usually designed to accept and to supply balanced pairs of signals.
... if they used an op-amp on the XLR outputs to “split” the signal for balanced output, then each signal conductor would carry 1/2 the voltage.
No, that is not true. If an op amp is used to generate one of the two signals in a balanced signal pair by simply inverting the other signal, as is done in many designs, the "split" (and it is not really a split) would not result in anything more than a miniscule change in the amplitude of either signal.
Regards,
-- Al