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This is not my video and I do not take credit for it. I found it on another site and it really helped me out in S & D. Just posting for other that haven't seen it before.
I am almost certain that only affects you. Other players that have their Voice Volume turned all the way up can still hear you and the stupid sounds your character makes that are unneeded. Unless you are trying to portray something completely different that I am unaware of.