Ableton's official Learn Live series walks through how Roar's master compressor and tone controls work together when processing a drum loop. The compressor includes a sidechain high-pass filter that prevents the kick from triggering excessive gain reduction in the low end, plus separate wet output and dry/wet mix controls for dialing in the right blend.
The tone knob works as a shelf-based EQ: turning it up boosts highs and cuts lows, turning it down does the reverse. You can also set the crossover frequency for that shelf, giving you more precision over where the tonal shift happens.
Where it gets interesting is the interaction between wave shaping and tone. Cranking the tone alongside heavy saturation can sound harsh, but enabling color compensation applies a mirrored EQ curve before the output to counteract that harshness. On negative tone values, the same compensation keeps the low end from distorting too much under heavy drive.