I remember getting the dirt first hand from some cats at Eventide or EHX or somewhere like that... Basically, this whole "true bypass" concept is great, in theory, but it's more of a marketing buzzword that helps move product - and it's not necessarily the best thing for the signal, or, your ears (or your audiences ears...!!). I know there's also a bit on YT about this... Lemme see if I can drum it up:
This is what I do know, from personal experience... TRUE BYPASS in the sense of gold plated snake oil soaked relay is great - so long as it's bypassing a circuit that's direct and not complex. However, it's a break in the chain - another joint, another connection, another link in the chain added. I've gone the route of "true pure relay bypass", and on a board with few stomps - dyno... No problemo. Easy.
However, get into a board with 10+ stomps??? I'll take clean, buffered, boosted outputs along the way ANY DAY!!!!!
But in short, to the OP's question...
Buffering tries to reorganize the signals girth, width and breadth (for lack of a better term) as it passes through a non-activated stomp or effect. It can be done primitively, or very sophisticated - either a signal boost, or a complete restructuring via pre and post DSP.
True Bypass means, when inactive, the stomp or effect has a dead hard relay cross the path of the guts of the stomps (the circuitry) and simply melds the 2 ends of the cable going into either side, together. That is a true bypass via hard relay.
The caveat to this is that true bypass has been used for stomps that aren't relay based, but moderately hard wired...again, it becomes a buzzword.
I've used both, and will take quality buffering hands down, every time.
Peace,
V.