Yes. Image description has been done on-device for quite a while now, and it is great. You can look for pictures using a description, and you can look for any text in any picture as well. It works very, very well.
https://findthatmeme.com/blog/2023/01/08/image-stacks-and-ip...
I had always assumed that search box in Photos.app would be useless, but once in desperation I typed something in and it found exactly what I was looking for (a photo of one of my kids' passports I knew I'd taken but could not for the life of me remember where).
Now I use it more and more, it makes my tens of thousands of photos dramatically more useful to me. That time we at at the restaurant with the big shrimp platter? The airbnb we stayed at where I took a picture of the cool coffee table? All right there.
I’ve used the feature to find my cars VIN, passport numbers, random places etc.