Mod wheels are generally not spring loaded. I have seen ones that are....usually some combination of pitch and mod in a joystick or something but any half decent controller with separate wheels will not be sprung.
Mod Wheel volume is common for dynamic expression in Orchestral libraries or instruments but not something you'll see outside of that.
If you are using cc1 via modwheel for expression then you would use cc7 midi volume as your "trim" volume.
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