@UWP,
Take two photos with the same shutter speed and aperture, one at ISO 100 and one at ISO 1600. In post, bump the exposure of the ISO 100 shot by ~4 EV to match the ISO 1600 shot. Now, compare the two.
Now, with the same shutter speed and aperture (and the same scene), take a dual ISO shot at 100/1600. Process it with cr2hdr and increase the exposure to match the first two. Compare with the first two.
You will find that:
* The ISO 100 shot has a lot of noise in the shadows
* The ISO 1600 shot has a lot less noise, but a lot of it may be overexposed
* The ISO 100/1600 shot has the same noise as the ISO 1600 shot, but it is not overexposed (it's exposed like the ISO 100 shot)