RMS only scales the spectra by the root-mean-square of their intensities so that all spectra have the same RMS.
Log transformation is not applied; you would need to apply that separately if you want to log-transform intensities, e.g.:
spectra(obj) <- log2(spectra(obj))
Internally, the rescaling for RMS and reference normalization are done using matter::rescale_rms() and matter::rescale_ref() internally.
The target scaling value is arbitrary--you can pass a value to 'scale' to change the resulting magnitude. MS intensities are relative, so the exact values are not meaningful outside of quantitation with a known standard.
You can pass the m/z-value of a known calibrant peak via 'ref' so that it is scaled to the same intensity for all spectra. (The peak must exist in all spectra.)
-Kylie