Method 2: Recording + Transcribe for an after-meeting transcript
Teams' Record button (during a meeting) can include a transcript on most paid plans. The recording and transcript land in the organizer's OneDrive (for non-channel meetings) or the channel's SharePoint (for channel meetings) once the recording finishes processing.
The transcript is searchable, exportable as a docx or vtt, and visible in the Teams chat for the meeting alongside the recording. It's the simplest way to get a usable post-meeting transcript without leaving Microsoft 365.