All metal detectors incorporate voltage regulators in their circuits, so whether designed to use 9 volts, 12 volts, or 500 volts, the current is regulated back down to the level needed to run the circuits. I think there are some that also use step regulators or transformers to increase voltage at the coil. A Nautilus for instance can be cranked up to provide around 44 volts at the coil, while most machines are restricted by design to put 6 to 12 volts across the coil. This is great in conditions where you can actually make use of higher TX voltage, but because of the physics of the coil to EMF ratio, higher voltage does not necessarily result in greater depth. What it does do is provide a "stronger" signal that can result in a stronger received response from the target.
In the case of the Tejon vs. the Cibola or Vaquero, the Tejon uses more batteries for better battery life, moreso than for "more power". Higher voltage batteries will generally provide more amp-hour life than lower voltage batteries, all circuits and other factors being the same between the machines.
Ralph