the small signal present with an unterminated trs cable is normal for the Alembic effects loop circuit. buffer amps drive both the send cable, and provide a hi-impedance termination to the receive cable.
many trs cables have the two signal carrying conductors inside a single overall shield, and thus there is a stray or parasitic capacitance between the signal conductors. with the cable unterminated, the high impedance, (1 MegOhm), receive buffer can hear the signal in the send wire coupled through the parasitic cable capacitor. with an effects device connected, the send impedance of the device attenuates the coupled signal (most effects devices have low output impedances to drive the cable).
while the circuit could be modified to terminate the effects receive line 25 or 50 kiloOhms, to attenuate the crosstalk on unterminated cables by 26-30 dB, the effects device would be loaded by this lower impedance. note that if the receive buffer were omitted (as it is in some other designs), then the the output cable stray capacitance attenuates the crosstalk, but then the effects device has to drive the higher capacitance of both the trs cable and the output cable in parallel.
since guitar amplifier inputs have high impedance, the effects designer may have assumed that his device would be loaded by approx 1 MegOhm shunted by the cable capacitance of a single cable. including the return buffer makes the output signal loading similar to plugging the effects device in-line as it is if there is no effects loop circuit.
if the trs cable is constructed with two separately-shielded cables (which may be side-by-side, in a single overall jacket) then the separate shields give complete isolation between the send and receive signals, and that cable construction would not have the weak signal crosstalk on an unterminated test.
but the crosstalk also disappears when the effect device is plugged in as in normal use, so the unterminated crosstalk is only a special test condition. the engineering tradeoffs of unloading the effects device from the longer cables in series, or loading the input of the buffer intentionally with a lower impedance while eliminating the unterminated cable crosstalk, the option to provide a high-impedance receive buffer ensures that the effects device performs the same as if it were in use with an instrument without the effects loop feature.