If the album tag is the same, and they are played next to each other in the playlist, Volume Leveling will treat them as though they are from the same album - so an average volume level is applied to those tracks.
If the album tag is different, each album will be adjusted to a separate level.
Changing the album name to be different, or temporarily setting the media sub type tag to 'Podcast' will force them to be leveled independently.
Here's an example:
I typically use the [Description] tag to separate different album versions, but that doesn't play nicely with Volume Leveling.
With [Album] being the same for both tracks, they are reduced by -11.4 dB (the average level) and the "Remastered" CD track sounds much louder.
Moving the description into the [Album] tag makes them unique, so Volume Leveling treats each track differently.
Now both tracks play at approximately the same loudness - though the SACD sounds better as it has much more dynamic range.