An MPPT is a DC to DC converter, one whose input loading is adjusted to optimize the power input.
For a typical hybrid inverter, it is a boost converter to take the PV input and boost it, if needed, to the AC inverter high rail. If the PV is already above what is needed, the MPPT just passes it through unchanged. It usually does not have a buck conversion option, instead the AC inverter section simply uses lower duty cycles when making the AC waveform from a higher than necessary rail voltage. Not having a buck be part of the MPPT on a hybrid saves money and it possibly a bit more efficient.
The AC inverter high rail will be the higher of the highest MPPT input or about 360 VDC (for US 240 VAC inverter). If all you PV inputs are under 360 VDC, all MPPTs will be boosting to about 360 VDC. If one MPPT is 400 VDC and the other lower, then the higher one passes the 400 VDC unchanged and the other MPPTs have to boost to 400 VDC. When spec sheets show MPPT efficiency is 99.9%, that's the pass through mode, no switching or boosting, but that's not the efficiency over the entire MPPT voltage range. A higher than necessary rail for the AC inverter reduces its efficiency, too. If the MPPT has to boost, then you might be down to 96% or 97% efficiency to the AC inverter rail, then the inverter losses on top of that.
Ideally, you want all your PV strings to come in right at 360 VDC. This maximizes the efficiency of both the MPPT and the AC inverter section. A terrible setup is where you have one PV at near the max input, and then others near the min input. Those min input MPPTs have to boost so high, and the AC inverter loses efficiency with the high rail voltage.
Vendors are really adept at making their efficiency specs look great. They do this by operating everything at the ideal point. For real world uses where things aren't optimal, the numbers are not as good. I wish vendors would publish real charts on MPPT efficiency versus input voltage. That would be eye opening to some.
Mike C.