Oh wow! You are of course correct. From the monomachine manual:
DPTH (depth) is the amount of the LFO output level that is applied to the target parameter.
Setting DPTH to 127 allows for modulating a parameter to and from any extreme value. For
example, if the target parameter is set to 64 a DPTH setting of 64 is sufficient for modulating
the target value to its minimum (0) and maximum (127).
So, setting depth to 127 on a triangle wave, with target parameter at 0, would sweep through the entire range up to 127, back down again and clip at 0 for the below zero range, until the cycle starts again… it’s quite odd that the depth can go so high, but makes sense in terms of being able to use ONE/HALF mode LFOs of, for example, the EXP/RMP waves as envelopes. And it also explains why my PWM has been temperamental!