I don't think there is an inbuilt compressor or noise gate (at least it's not one of the parameters you can edit). It's a reverb/delay/modulation piece of outboard gear.
If its a Stereo Spread preset, there's probably phase shifting/chorus going on, widening the image. Are you listening in mono or stereo? If mono, perhaps you're only getting one side. Or, the mono is summing the stereo effect causing out of phase audio (which is used to widen the stereo image) to cancel out.
If theres a slight delay, have you mixed in a dry signal or just listening to the effect? Chorus uses a modulated delay to create the effect so you maybe getting just the delayed signal.
In a studio situation, this unit would normally be a piece of outbard gear, feed by an aux send and you would also have a dry signal present.
Hope that helps. Download the manual and get in to the editing section, find out what's being used.