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I've never gotten OCR to work on scanned pdfs. PNG files / screenshots - instant ocr. Very bizarre behavior.

I have had this pdf open in Preview for 30+ min in the latest macOS. I think this is the Live Text functionality mentioned in other comments, but it does not work on PDFs, only images and whatnot.

I think it also requires a M1 processor.

No, that was the early betas but by final release it works on Intel too. I believe if it runs Monterey, it can do LiveText.