My highest current power level is 369 (without mods) and my regular drops are coming in at 364. If however I move my highest power kinetic weapon to another character, the drops I receive are 363.
Checking the gear I did leave on my active character, using my next highest kinetic weapon would in fact drop me one level.
My understanding of the leveling was that it would account for any gear you had even if it was not on the character you were playing with. Am I mistaken or is this unintended?
Edit: Added boring video of three drops
Time stamps for drops:
Power 264 @ 1:19 (Gun on character)
Power 264 @ 2:44 (Gun in valut)
Power 263 @ 3:41 (Gun in the inventory of another character)
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Further testing shows that if I keep my highest level weapon in my vault, it still counts towards my max power level, just not if I am storing the weapon on another character.