A fully charged 48 volt battery is 54.6 volts, and the battery puts out (750÷54.6) 13.74 amps to deliver 750 Watts to the motor.
A battery hanging around the LVC under load of say, 40 volts needs to put out (750÷40) 18.75 amps to deliver the same Watts to the motor.
The extra 5 amps does Nothing to help with power or torque because of the lack of voltage, and it all gets turned into heat in the motor.
An extra 5 amps will help with torque. Torque comes from amps.
The wattage of a motor is a manufacturer's classification. The maximum power delivered to the motor depends on the controller and the battery voltage. I think 24 amps is typical for a bike labeled "750 watts." If a battery with 4 stacks of cells is charged to 54.6 v and delivers 24 amps, that will be 6 amps per stack. The internal resistance of an 18650 cell is about 40 milliohms so a stack of 13 will have about .52 ohm. Terminal voltage will be 51.5, for 1236 watts.
If the battery were down to 40 volts when the controller demanded 24 amps, terminal voltage would drop to 37, sending 888 watts to the motor. Actually, I doubt it. Suppose the windings have 1 ohm. 24 amps will be 24 volts, producing 576 watts of heat. I haven't verified this, but I imagine the controller limits current by rapidly switching it off and on.
Maximum amps occur at slow speed, when the motor isn't producing much power. Power depends on torque and speed. A motor producing power acts as a generator, producing back emf, which also depends on torque and speed. If your well-charged battery produces 24 amps at 51.5 amps, the controller can be wide open when the speed reaches a point where, at full torque (24 amps), the back emf will be 27.5 volts, leaving 24 volts to fight winding resistance. At that point, heating will still be 576 watts. As the motor speeds up, current will decline due to increasing back emf. Heating will decline as the square of current.
I've never had a middrive motor, but it seems that downshifting would reduce the torque required and reduce heating as the square of torque (amps).