It looks like Google is planning to bring support for live text captions for incoming audio and video messages in its Duo app. App researcher Jane Manchun Wong discovered the feature and shared a screenshot that shows the video messaging app having an option to transcribe or put captions for messages sent or received.
This feature might not be that useful for Pixel 4, 3, or 3a, which all have Live Caption already. But for other Android users, this feature can mirror that ability within Google Duo. The screenshot suggests that the transcription will happen off-device instead of on-device like with Live Caption. But the option claims content won't be stored. It's unclear whether the feature would need an internet connection to work, and whether it'll be coming soon to Android and iOS. But we will be keeping an eye out for it.
Source: 9to5Google