Depends.
On purely analog devices audio is just an electric signal. When you adjust the gain you are controlling how much electricity you are letting through, like a water tap.
On digital devices this is more complicated but, generally speaking, when you press the volume buttons you are also controlling how much electricity is being sent to the speakers although not directly. Some code is interpreting your actions on the volume buttons and then this either results in the digital audio signal having less amplitude, or controlling the analog amplifier, or both.
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