Y Axis in lame terms

Short answer, yes I think you can ignore it.

Longer answer:

Generally for voice recording I would record in mono. There is only one of you talking, so there is little benefit to record in stereo.

There is a bit of “rumble” in the original recording. That can be easily removed by filtering, which then makes the job easier for both Noise Reduction and clickless editing. There is a suitable “curve” for the Equalization effect here: Low frequency roll-off for speech
Koz wrote some brief instructions here: Can you give me some direction on this raw audio file? - #14 by kozikowski
Note that filtering may introduce a little click at the start of the track. That can easily be removed later by either trimming the start or applying a short fade-in to the track (generally I prefer a short fade-in).

Take care not to over-do noise reduction, Dead silence between words can sound kind of creepy :wink:

I’d have probably gone for just a little less bass boost than you used, but that is much a matter of personal taste. It definitely sounds better with some additional bass.