AKA "coff" switch, except it does not cut the foldback.
Resistor values not shown; but IIRC that opto likes 10mA-16mA. Since the two main LEDs are driven parallel that sucks 20mA-32mA for most of the performance. (If fed series only 10mA-16mA.) If 9V battery, you'll need a new battery every night.
In much live performance work a DPDT mechancial switch might do the job power-free, and without the added impedance (hiss) to the mike preamp.
Hiss is due to resistance. Mike may be 100 to 300 ohms. H11F1 adds 200 ohms per leg, 400 ohms of dead resistance. The hiss in mike is kinda inevitable to capture signal. H11F1 does not add signal only hiss. Yes, I've seen much higher dead-resistance tolerated in stage work.
But WTF. It's like five-bucks of chips, and WOULD work well in guitar-cord switching. So try it in the mike.
If you need Phantom and it comes from FOH, you go dead when you break the FOH line.