I agree that the statement below from Schiit is not what I would think of as HT bypass. It does say the volume has to be all the way up, which would mean the volume is all the way up for all inputs. I think of HT bypass as an input that is not affected by the volume control. That is why reading and understanding instructions is important.
"Home Theater Integration, $0. Okay, all you "home theater bypass" guys. All of our preamps offer true home theater bypass. Just plug in your processor's front channels to any input, select Passive mode, and turn the volume all the way up. Presto! 1:1 home theater bypass, with only a relay in the signal path."