What this controls
When a shot is animated with a model that includes audio, that audio (dialogue, ambience, or music) plays as part of the clip itself. Its volume is controlled separately from your voiceover and background music. Not sure whether your model includes audio? See Animation and audio.
Adjust it
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Once the shot has an animated clip, a Volume slider appears above the animation presets.
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Drag the slider (0–100%) to raise or lower the animation's audio. The current percentage is shown live.
The change applies as soon as you release the slider — no need to regenerate the shot.
How it fits with other audio
Each audio layer in your video has its own independent volume control:
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Animation audio — the Volume slider in the shot's Animate tab (this article)
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Voiceover — Volume and Speed controls in the Voiceover panel
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Background music — Music Volume in the Music panel
There's no single master volume — mix each layer to taste.