I generally prefer Apple for their strongly pro-privacy stance, but this is something they're dropping the ball on. After living with this feature in Chrome for a while, it's such a big quality of life improvement that for the first time in years, I'm thinking about jumping to Android even though it would incur some extra costs to do so[1].
I can use Loopback to feed audio into the iOS or web version of Otter.ai on my MBP to fill in some of the gaps where Chrome isn't an option (i.e., FaceTime calls with family and friends), but it increasingly feels like a janky solution and I'd rather have something built in.
[1] - I like having a smartwatch so as not to miss notifications so I'd need to find a good enough solution for that, plus my current hearing aid needs an additional supporting device to stream from an Android phone, so that would run up some additional costs.