I am recording via monitor (recording the output of applications, not microphone).
My physical speakers are loud, so I want the system volume to be much less than 100%. But this means the level recorded by Audacity is low.
Can I record the monitor at 100% volume before the system volume level is applied? i.e. record as if the volume is 100% even though it is physically output at a quiet level
With loopback or stereo mix you are recording the output from your soundcard.
Regular plug-in computer speakers usually have a volume control knob. Or if monitoring isn’t critical plug-in headphones and you don’t have to put them on your ears.
The speakers don’t have a separate volume control, and hearing it from the speakers is critical.
Almost all external computer speakers have a volume control. You can get a cheap pair if cost is an issue… Or you can “upgrade” to something a lot better than built-in laptop speakers.
Or you can plug-into your stereo or TV.
Or, Virtual Audio Cable or Voicemeter MIGHT allow you to record at full-volume while listening at lower volume but I’ve never used them so I don’t know.
Or you can buy an inline attenuator for external speakers. That one has RCA connections so you’d need adapter cables.
They make inline attenuator/volume controls for headphones too. (Because headphone impedance varies quite a bit, you might not get “linear” operation but it should “work”.)