Q. Does Zoom have live closed captioning?

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:

1. In your Zoom menu bar, open More
2. 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.