What is “Output Device Volume” and “Immerse Volume‘?

The “Output Device Volume” is the volume of the output device on which you consume the audio (headset or speakers). If a user chooses to output some sounds such as Discord to the output device directly, they can set that volume independent of Immerse volume. 

“Immerse Volume” is the volume from Immerse software, increasing this volume increases the volume that comes out of Immerse. 

Both these volumes can be used together to increase the overall volume.

Related Article:

I can not set up the output device, I get the error “Could not open the Output Device”?

I am getting "Immerse has failed to initialize with error: Couldn't open the output device!"