Depends, I have a very good boom mic plugged into a solid interface that has essentially no background hiss or noise.

The software noise cancelling like Krisp in Discord or this Nvidia software is really nice because it stops outside noises like dogs barking, keyboard keys, etc from coming through.

With Krisp enabled in discord I can eat chips with voice activation enabled and no one can tell, and no one can hear my dog bark occasionally even if I'm talking while it happens.