"Back out its WAN interface" means:
After the MX decrypts the VPN traffic, if the destination is the Internet, by default it forwards this traffic directly out its WAN interface, using its own public IP as the NAT source address.
The MX then acts as an exit point to the local Internet for this traffic, using its WAN interface as the path to the Internet.
With No-NAT, routed mode hubs can forward decrypted spoke traffic to LAN next hops without NAT — but they retain their local routing and VLAN capabilities, which concentrator mode lacks.
The main architectural difference is still about whether the MX is meant to route LAN traffic locally (routed mode) or act purely as a VPN concentrator (concentrator mode).
I am not a Cisco Meraki employee. My suggestions are based on documentation of Meraki best practices and day-to-day experience.
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