There are certainly tradeoffs, which is why I said I’d like the option.

Since I’m moderately familiar with the other language, I really just need the translation for words I don’t understand or mis-hear.

There is such a thing as a real-time translation. I’ve heard it in news broadcasts when a politician speaks a foreign language. It also happens all the time at the UN and other international negotiations. It works well but has downsides such as occasional latency while the translator needs to hear a few more words before they can translate.