I am using vMix to record podcasts (video and audio versions), I have two hosts and we are using a Dell G5 laptop that works very well with vMix. I need both hosts to hear an audio out mix that is minus their own voices.

I am using 2 shure usb mics that each have their own headphone out - which also receives the vMix program out. through the headphone jack. Each of these mics are plugged into usb ports on the laptop. Each mic shows as it's own input in vMix ...

So, is there a way to have each mic's headphone jack play the entire vMix output mix while minusing each mics' own sound? If so, what and where would those settings be?

Also, would there be any way for one headphone to monitor the entire mix (both mics) without a delay? (I'm pretty sure the answer would be no).

Thank you in advance

For the 2nd part of your question is sounds like you want two separate headphone mixes. To do that you're going to have to set up busses, include the channels you want in each bus, and then route each bus to a separate headphone device.