Every time you log a character in, it auto-starts a new copy. A new copy takes 8% CPU on my system which is 6-core/12-thread 3.5GHz ! Currently, as I am running this test, I have logged the Paladin in and out 4 times, and have 4 copies of this dreadful application, consuming 32% CPU!!!
Perhaps this is a bug to be fixed, not only the multiple copies of WoWVoiceProxy.exe but also the 8% CPU each. Perhaps there is an easy way to disable it, but no luck on the forums.
In the meantime, to save CPU at least, go to “D:\Games\World of Warcraft_classic_\UTILS” (or wherever is your installation) and delete this executable.
The battle.net application will re-download it when you exit WoW, but at least you can run a session for as long as you like without this voice proxy application eating away at your CPU.