https://techcrunch.com/2024/01/26/apple-podcasts-auto-generated-transcripts-ios-17-4/

Among the changes in iOS 17.4 is support for auto-generated transcripts in the Apple Podcasts app, making it easier for listeners to follow along to their favorite shows. Transcripts will only appear for English, French, German, and Spanish-language podcasts. It’ll be available in over 170 countries and regions.

Similar to how lyrics work in Apple Music, users can view a live text version of an episode, and the words are highlighted as they listen. Users can also tap anywhere in the transcript to play the episode at that specific spot. To pull up the transcript, users click on the new “quote” icon at the bottom of the Now Playing screen. In addition, there’s a way to view the transcript without listening by holding down on the episode details page and selecting “View Transcript.”