About compensation at #6:
Since with TTL the camera controls the amount of light emitted by the flash, I assumed that exposure compensation could also be done by/through the camera.
Your assumption is probably correct. I don't think the Godox manual mentions exposure compensation since the unit doesn't have an adjustment control on it. Still, with 3rd party units I always test functions to very.
About TTL and not Balanced Fill TTL:
In the menu of my D5600 I can only choose for TTL (and not for variants of TTL). But I can select spot metering (in stead of center metering so far).
Nikon has two forms of i-TTL. When using matrix or center weighted metering it uses what they call i-TTL Balanced Fill flash. The camera attempts to balance flash output between main subject and background.
When using spot metering it uses what they call Standard i-TTL which adjusts flash output for the subject and ignores the background.
Balanced i-TTL often works pretty well but can sometimes produce less than desirable results if there is a big difference between subject and background distance, big differences in subject and background tonality, and some other types of scenes. It may work just fine for your scene. Because Balanced i-TTL tries to adjust for the entire scene even slight changes in framing can effect the exposure if the background changes a bit even if the subject is the same.
Standard i-TTL ensures that the flash output is adjusted just for the subject. You are more likely to get consistent results on your subject. But you need to set your background exposure manually.
You also need to be aware that the Nikon meters want to make your subject middle gray. In Matrix metering if a large portion of the scene is a very dark tone (such as black) you may get some over exposure as it tries make those dark areas more gray. If a large portion of the scene is very light (such as white) it may underexpose.
When using spot metering the same thing can happen, but relative to the subject under the focus sensor rather than the entire scene. You can address this by dialing in negative exposure compensation in the first case and positive in the second case if the image looks wrong.
For the 50:50 balance you were looking for -1.0 EV Flash Compensation is a good start. But depending on the tones in your subject you may need alter that. If the subject insect is a light tone, such as a white butterfly, you may need a lower negative value like -0.3 or 0. If it is really dark like a black carpenter any you may need a higher negative number like -1.7 or -2.0. You can experiment. With experience you may find that you get pretty good at dialing a suitable Flash EC right away.
Depending on the scene and framing, including distance between subject and background, you may get the same results using matrix metering, and thus i-TTL Balanced, and spot metering, and thus i-TTL Standard. Or the differences may but subtle or obvious. But I find that I get more consistently repeatable results across a wide range of scenes using spot metering/i-TTL Standard.
If you are not getting good results with i-TTL you can fall back to selecting flash power manually. I have a lot of butterfly shots where I have manually set flash output to 1/64 or 1/128 because I wasn't getting great results with either type of i-TTL.
About diffusors:
I use Godox MF-12 Dental Diffusor on my MF-12 flash units.
And after more reading about it:
I now realize that Nikon names its TTL as i-TTL, even for the D5600, so there is probably more to it than what follows from a simple formula for adding the missing light not provided by the ambient light as determined by the manual aperture and manual shutter speed of 1/200.
You can set up some test scenes where you have more control over the subject, background, lighting, subject and background tones, etc and experiment with manual exposure versus aperture, priority, matrix metering (and i-TTL Balanced) vs Spot metering (i-TTL Standard), and different levels of Flash EC or setting flash output manually to see how your camera/flash system produces different results. This will help develop some confidence with your preferred way of operating and find a workflow that works best for you.
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If cameras and lenses can have autofocus then why can't I?