I have built my own local-first solution to transcribe entirely locally in real time word by word, driven by a different need (I'm hard of hearing). It's my daily driver for transcribing meetings, interviews, etc. Because of its local-first capability, I do not have to worry about privacy concerns when transcribing meetings at work as all data stays on my machine. It's about as fast as Otter.ai although there's definitely room for improvements in terms of UX and speed. Caveat is that it only works on MacBooks with Apple silicon. Happy to chat over email (see my HN profile).