If you don't mind closed source paid app, I can recommend MacWhisper. You can select different models of Whisper & Parakeet for dictation and transcription. My favorite feature is that it allows sending the transcription output to an LLM for clean-up, or anything you want basically eg. professional polish, translate, write poems etc.

I have enough RAM on my Mac that I can run smaller LLMs locally. So for me the whole thing stays local