Does an AW IMR 18490 give out 4.2V on a fresh charge too?
yes, All batteries of the same chemistry but in different sizes/Mah (18650/18500/18490/18350) will put out the same voltage when freshly charged.
Other than that, I think people are confusing voltage drop of a specific mod/tank combo, and voltage drop under use. All mods will have a slight voltage drop simply because the current is going through all sorts of screw-on connections through the mechanical mod (top cap, bottom cap, the tube itself, then you're screwing in a tank onto a 510 connector and all those threads there as well). Most decent ones it's something super low like .02 volts which (regardless of what people say), you'll never notice.
The other aspect is voltage drop under load. Your battery on a multimeter might say 4.2 volts, but as soon as you actually use your mechanical mod e-cig and it pulls current from the battery when you're firing your coil, the battery voltage will drop, then rebound when you're not firing the mod. 3.7 bolts seems to be the "sweet spot" where the battery tends to linger for the majority of it's battery life (which you might see as a very slightly sloping plateau on a graph of the voltage of a battery as it is drained).