I finally found confirmation that ESCs (Electronic Speed Controllers) for brushless motors regulate speed not by varying voltage but by controlling the timing of current pulses sent to the motor’s windings: Wiki: Electronic speed control.

I came across an excellent article, What is an Electronic Speed Controller & How Does an ESC Work. It mentions that some ESCs may regulate speed by varying voltage, which I assume applies to ESCs designed for brushed motors.

the role of the ESC is to deliver power from the battery to the motor in a controlled manner. If you input 50% throttle on the controller, the ESC will deliver 50% ‘power’ to the motor. What is ‘power’ depends on the firmware used. Some will use the average voltage sent to the motor, others use the speed target, and some use a mix of both.

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