Could this be because the parent track is processing the effect on each child separately? For example, a compressor on the parent is actually compressing each child independently (like putting a compressor on each child)?
Does the sound change in any way if you put an effect onto a 'grandparent' track rather than simply a parent track?
Try this... render 2 versions of the same project,
One with the tracks all under a parent track with some effects on it.
The other with a 'grandparent track' and the effects from the parent track moved to the grandparent.
Import both renders into a project and phase reverse... see if they sum to 0.
{disclaimer. I have no idea what I'm talking about. Just speculating based on my limited knowledge}
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