Yes, Zoom can do that; it's a recently added feature (as of fall 2021).
In Your Zoom Settings
Go into your Zoom account settings and make sure you have Closed Captioning turned on
In Your Zoom Meeting
When you are hosting a meeting:
- In your Zoom menu bar, open More
- Choose Live Transcript
Meeting participants should see that a live transcript is available for viewing.
Additionally, you'll have the option to save your meeting transcript at the end of your meeting.