Right-click → Mixing & Effects → Ducker.

PortsCarry
InputWhat to duck - music, game audio
KeyWhat triggers it - your microphone. Only listened to, never output
OutputThe ducked signal

The key is not passed through, so wire your mic to the destination as well:

Music
Loopback/Spotify
Output
L
R
Mic
ASIO/Focusrite USB ASIO
Output
Mono
Ducker
Sidechain Ducker
Input
In L
In R
Key
Key
Output
Out L
Out R
To Routling 1
WASAPI/Routling OUT 1 (Routling Virtual Audio)
Input
L
R

Settings#

Ducker
Sidechain Ducker
Input
In L
In R
Key
Key
Output
Out L
Out R
Attack - How fast the volume drops once the key signal is loud enoughHold - Minimum time the duck stays fully down - stops it flickering on short gaps between wordsRecovery - How fast the volume returns to normal after the key signal stops
10ms100ms1s
Threshold-20dB
SettingRangeDefault
Mode - Duck lowers the whole signal; Carve lowers only the frequencies the voice usesDuck
Threshold - key level that starts it-60 to 0 dB-20 dB
Duck (Cut in Carve) - how far it drops-60 to 0 dB-20 dB (Carve -6 dB)
Attack1-200 ms10 ms
Hold - minimum time down0-1000 ms100 ms
Recovery5-2000 ms400 ms

Threshold is a slider; the other four are the handles on the curve.