No, because the driver is a 12AU7, large Rk, so gain of about 9. Final stage has gain a hair over unity. So the open-loop gain is 10, the NFB limits it to gain of 11... there is hardly a trace of NFB at nominal load.
At speaker bass resonance, gain rises, but NFB limits it, reducing cone slap.
I think it is very much in line with many classic Fenders. 820:100?
ok we were comparing that AC cathode voltage with the grid voltage, doh, forgot that the cathode and the plate are in series so we use that side of the circuit which has gain over the grid, thanks PRR!