Is the tilde special?

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#1
Below, the percent sign doesn't print when the escape character is ~. [The newline escape sequences are correctly recognized.]

Code:
v:\> type pct.btm & pct.btm
echo ^r^n%@eval[1 / 3=1]%%^r^n
setdos /e~
echo ~r~n%@eval[1 / 3=1]%%~r~n
setdos /e#
echo #r#n%@eval[1 / 3=1]%%#r#n
setdos /e^


0.3%


0.3


0.3%


v:\>