MLV is noisier than JPEG mainly because it's lower resolution with the same noise level. Signal to noise ratio ends up worse at viewing scale. And yeah, also the fact MLV App doesn't do chroma denoising by default.
Do you also want to know the values of the hidden camera matrix? It distorts all the hues if you think about it, and it means the camera's RGB channels do not correspond to the RGB channels that are output. But it's there for colour management. Without it you'd get pale colours and wrong hues.
I think of this 'hidden exposure' gain as another (admittedly less critical) form of camera calibration, just like the camera matrix.
And I still don't believe 'no exposure' is meaningful, as you must first make a choice about how you anchor the white balanced channels, which in itself, is an exposure choice. MLV App makes this choice by matching the luminance of before and after (which will produce some pink highlighs at 0 exposure, as the lowest clipping channel will end up below 1.0), but you could also make it such that the earliest clipping channel = 1.0 (this way they all clip at or above 1.0, so 0 exposure will not produce pink highlights, probably the best option for this), or you could make it so the highest clipping channel = 1 to preserve the most data, but then you'd get very visible pink highlights at 0 exposure.
Everything is relative. And there is no image in the raw file, it must be created.