The mechanism question has a clean answer for the peripheral effects and a much less clean answer for the central ones, and it is worth being explicit about which of those you are asking about.
The GIP agonism-versus-antagonism question remains open, and the awkward fact is that both directions have produced weight loss in humans. The reconciling hypothesis is that chronic GIPR agonism produces receptor desensitisation and therefore functions as a pharmacological antagonist, but that is a hypothesis fitted to the data rather than an independent finding.
More usefully, amylin co-agonism adds to a GLP-1 effect rather than duplicating it because the two act through different circuits: amylin signals through the area postrema via calcitonin receptor complexes, GLP-1 through both the area postrema and the arcuate nucleus. Two non-redundant satiety signals summate, which is the design rationale for a co-formulation rather than a higher dose of either.
Worth noting that receptor pharmacology measured in a transfected cell line is a starting point, not a physiological measurement, and potency ratios do not transfer cleanly in vivo.
If you want to reason about a new agent, start from its receptor profile and its half-life. Almost everything else follows.
edited 21 Aug 2026 by kwn_analytical — reworded for clarity after a comment