^^^^yes.
You have an open center valve.
The ports.....pressure, tank, and A and B work ports are NOT either full open or full closed.
In neutral, pressure is passing straight thru to tank.
If you pull the lever (shift the spool) fully one way....you get full flow from pressure to one of the work ports. The other port is full open to tank to return oil.from the other side of the cylinder.
The issue is when one is trying to slowly feather the valve. The spool isn't fully shifting. You are just cracking the the work port open to the pressure, to limit it's flow and speed. But the balance of pump oil is still returning via low pressure to tank.
So there is technically two flow paths for pump oil to take. Some returns to tank, some goes to loader cylinder.
The load check is what keeps the pressurized cylinder oil (pressurized from gravity), from overpowering pump oil and just returning to tank and dropping your loader.....when all you are trying to do is raise it slowly...
Which is why they are sometimes refered to as anti-drop valves.