Using OpenAI's Whisper model which is open sourced, Goodnotes can enhance the audio recordings done on the iPad and also feed them through OpenAI's Whisper model for on-device audio transcriptions.

This will maintain user privacy and provide unlimited transcriptions at the expense of battery life but it would be well worth it to click transcribe and have a textview in a window to the right that is synced to the time. Notability has done this and it looks fantastic.