Microsoft have announced that they will be adding in a live transcripts feature, it will provide another way to follow and review meeting conversations.
If you have enabled both cloud recording and transcription policies you will see two options in the meeting control bar:
Recording is combined with transcription. If you begin recording, the meeting will also feature a live transcription.
The transcript file will be accessible for download, after the meeting has finished, via chat as well as from the transcript lab. The meeting organiser will be able to delete the saved transcript when using the Teams desktop app.
Note: Live transcription currently supports only spoken English
This feature will need to be enabled within your policy.
This update will begin roll out in late September and will be complete early October