Ohm’s law as you’ve described only works for DC circuits. AC circuits are a lot more complicated to model mathematically because of impedance. V = I x Z (Impedance) is the correct formula for an AC circuit. I personally don’t want to go through the math and reasoning in further depth.
I think you’re operating at an edge case of the what the switch is designed for.
- It will operate best with a neutral.
- With dumb bulbs, it will operate fine with one or multiple bypasses.
- With smart bulbs, you’ll need to add more bypasses until it starts working.
The options moving forward are as follows:
- Install additional bypasses with your smart bulb setup until the dimmer remains powered when the bulbs are off in Smart Bulb mode.
- Rewire at the light to pass a hot/neutral between the switch box and the fixture.
- Add a new wire between the switch box and the fixture so you have 3 conductors (line/load/neutral).
- Switch from Smart Bulbs to dumb bulbs and disable smart bulb mode.
I don’t recommend option 3 since it’s going to be considerable rewiring and potentially making holes in drywall.
Option 4 isn’t ideal since you lose your smart bulbs.
That leaves you with Option 1 and Option 2.
If your smart bulbs are Zigbee (Hue are) and directly controlled by the same Zigbee hub as the one controlling your light switches (which I assume is true since you are running Home Assistant). You can directly bind your switch(es) to individual or groups of bulbs. This will mean that they will operate perfectly normally with the wall switches without any dependencies on remembering smart bulbs or not. It just works, whether your hub is online or not.