The magnetic field ($H$)-induced second magnetic ordering and exotic multiferroic behavior in the L-type ferrimagnet (L-FiM) ${\mathrm{Fe}}_{2}{(\mathrm{Mo}{\mathrm{O}}_{4})}_{3}$, as reported elsewhere [Tiwari et al., Phys. Rev. Mater. 6, 094412 (2022)], requires further exploration. In this study, we investigate the possible origin of multiferroic behavior in the ${\mathrm{Fe}}_{2}{(\mathrm{Mo}{\mathrm{O}}_{4})}_{3}$ system by partially substituting W for Mo crystallographic sites [i.e., ${\mathrm{Fe}}_{2}{({\mathrm{Mo}}_{1\ensuremath{-}x}{\mathrm{W}}_{x}{\mathrm{O}}_{4})}_{3}$]. This substitution induces isotropic expansion of the crystal unit cell and significantly alters the ground-state magnetic properties, transitioning from L-FiM ($x=0$) to antiferromagnetic ($x=0.6$) ordering. A systematic study of magnetization \ensuremath{\chi} ($T, H$), dielectric constant ${\ensuremath{\varepsilon}}^{\ensuremath{'}}$ ($T, H$) and ferroelectric polarization $P$ ($T, H$) as a function of W substitution ($x$) shows that both ${T}_{\mathrm{N}2}$ and $H$-induced polarization ($P$) decrease progressively with increasing x, becoming completely suppressed at $x=0.6$, thereby establishing the $x\ensuremath{-}T$ phase diagram. O $K$-edge x-ray absorption spectroscopy suggests that $p\text{\ensuremath{-}}d$ orbital hybridization plays a finite role in modulating the magnetic and multiferroic properties at low $T$ upon W substitution. Density functional theory further supports this finding, highlighting variations in the ionic character of the Mo- and W-O bonds. These findings reveal a complex interplay between crystal structure, magnetic, and electric couplings in ${\mathrm{Fe}}_{2}{(\mathrm{Mo}{\mathrm{O}}_{4})}_{3}$, providing insight into the possible origin of $H$-induced ${T}_{\mathrm{N}2}$ and the accompanying ferroelectric polarization.