Hardware: ThinkPad X1 Cargon Gen 11 (21HM)

$ lspci  | grep Audio
00:1f.3 Audio device: Intel Corporation Raptor Lake-P/U/H cAVS (rev 01) 

The main/master volume control is uncontrollable.  The only way to adjust volume is to leave master volume high and adjust the PCM channel (alsamixer) or the "source stream" (per source) in the GNOME settings panel (Sound -> Sounds -> Volume Levels).  Both these places are the only places where the volume is gradually controlled.

Changing the "Speaker" and "Master" channel in alsamixer has no effect at all, only the PCM channel provides a granular control.

With the volume control in GNOME set to 0 (muted) going up 1 "pixel movement" gives a very soft sound level.  Observing the alsamixer, Master and Speaker channels moves from muted to unmuted with channel volume set to 0.  PCM volume changes to ~20. 

Moving further 2-5 more "pixels" in the GNOME panel, Master stays at 0, Speaker goes to ~15 and PCM goes above 80. The next 10-15 "pixels", the Speaker channel goes gradually up 100, where PCM already is.  Master volume starts to increase after this level.

Regardless, the Master and Speaker channels in alsamixer do not make any difference at all in the experienced volume - only changing PCM results in a noticeable change.