A 3/8” diameter tube has almost exactly one fourth of the area of a 3/4” diameter tube, so by using two 3/8” diameter valves you still have only half the area of your original 3/4” tubing. It is better than one valve but it is not equal to the original diameter.
Also, flow through a tube does not have higher velocity in the center. With all of the fittings, diameter changes, tubing bends, these manifold set ups will always have turbulent flow, in other words, widely varying velocities across the internal area of the tube. Turbulent flow causes a pressure drop, pressure drop decreases flow. If you have a very long straight tube, you can achieve laminar flow, which would mean uniform velocity all across the area of the tube and low pressure drop.
At the relatively low tube velocity through these waterlines, turbulent v laminar flow isn’t contributing much to the pressure drop. Diameter changes are the biggest factor I would wager.
Cheers
Creek