Be careful with this if you want accurate recording of your voice

Yes, it will balance up the volume between the quiet speaking and louder singing.

It will also, however, balance up the volume between quieter singing and louder singing - iow, when you head for a high note it will suddenly sound small and quiet. If you know that and don't care,it's fine, but if you DON'T know it's doing that and suddenly think, 'Ack! My high notes are tiny! I can't sing!" it can be a problem! For the seame reason, AGC is also not so good for getting an accurate live recording.

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"If you only look at what you left behind youll never be able to focus on what lies ahead." - Gusteau