Is it possible to set an individual sound volume for each program on a Mac?
This is not functionality built into macOS. Windows audio was miles behind Mac for many years, but they got this ability natively first. There are only two apps I know can do this, both by the same company, Rogue Amoeba.

The cheaper &amp; simpler one is SoundSource - $35. There is a more complex/expensive one which can also record any sound source to disk as well, called Audio Hijack - $70.

SoundSource can do all you asked &amp; more.