The one time I had my hands on a Holley I had a real hard time getting a satisfactory AFR swing to deliver stoich or leaner cruise with 12.5-13:1 WOT. I seem to recall the difference the power valve options made just not being big enough thus forcing a compromise.
The power valve controls the vacuum level (Load level) that the power circuit engages at.
The actual amount of fuel delivered is metered by the Power Valve Channel Restrictions--PVCR. You'd screw-around with jetting to get the part-throttle mixture "perfect", and then get the WFO fuel mixture where you want it by drilling the PVCR using tiny drill bits and a pin vice. But no-one is going to do custom, difficult-to-reverse mods on a "dyno mule" carburetor, so the dyno jockeys and the magazine writers slap in different jets instead. Yeah, that'll fatten-up the WFO metering, but it fattens-up the cruise metering, too.
And then the magazine writers tell ten thousand readers that the carb had to be "jetted up" for full power on the dyno.
Newer, more-expensive Holley and Holley-style carbs have screw-in replaceable PVCR just like they have screw-in air bleeds. But that leads to the second problem with the Holley design--the power valve itself is On/Off; the better design is a power piston linked to tapered metering rods that provide a gradual, progressive enrichment as vacuum drops/load increases.
Or EFI, which does all of that with tremendous precision; and uses feedback from the O2 sensor to fine-tune the fuel mix a jillion times a minute.