If you look it "from the circuit input", the 100K pot "sees" the 50K load (from LM386). But, the 100K pot can be seen as two resistors, one in series with the load (386 input) and the "other" in parallel with the 386 input. IOW, if you want to squash, the actual load impendance will get heavier because you will turn the pot more "towards 10", so the "386input load" will be fully in parallel with 100K pot res. with no series resistance from the pot (cca. 33K-ish) - IOW you will load-down the 4K7 resistor from input wiht this 33K.. If you want only to compress gently, you won't turn the pot "to 10", but f.e. "to 2", meaning that some 70K series resistance from the pot will be combined with the parallel resistance of "386input" and the remaining 30K from the pot, loading-down the signal path less than the case just described above.... that's it, basically - fairly generalized but you get the picture..