Sorry for the spacebar heater moment, but I used the visibility of the mic icon to know when my mic is actually triggering the in game audio (yes even with my Beyond headset). There are times when I mute my audio input outside of the game for certain reasons and the in-game mute doesn't know this, so with the fade out enabled for only mute, when I'm not mute there is no immediate feedback that my audio is successfully being transmitted.
I would recommend making the mic fade behavior a value cycle (the enum/state control thing used on other settings) and provide different mic visibility options in there.
Maybe separate the visibility options of the Mute vs Talk icons? Not sure if that'd be too much granularity.
I'd like the option to have the mic icon fade out but still show up regardless of mute state.