https://www.macworld.com/article/351669/macos-monterey-how-t...
Having it built into the OS is so handy.
It works with anything that works with Monterey. So if you are running macOS Monterey you fit the requirements.
Edit: As of July of 2021, Live Text was available in beta on Intel Macs so by the time Monterey shipped it worked on both Intel and AS.
Whether it works on a given document may depend on how that app displays the image. I can see where it would be complicated in a PDF where you may have combinations of text, images, and OCR’d text behind images.
I have it mapped to ctrl-alt-command-C. As more and more apps and webpages make text unselectable, it’s become invaluable. My favorite trick is to copy the URL when someone is screen sharing their browser in a virtual meeting!