There is no transcript - you make claims about what Apple “never mentions “ but they do - in great detail:
“Audio from the microphone enters the Secure Exclave of Apple Watch, where it is initially processed for speech, sounds, or music, without transcribing or storing the raw audio. This buffer is a continuously overwritten stream that exists only within the protected hardware and never creates an audio recording”
https://www.apple.com/privacy/docs/Audio_Intelligence_Privac...
You just ignored the previous point. You linked to the audio never getting recorded or leaving the device. The previous post said the transcription of that audio leave that part of the device. They must, otherwise they could not be displayed and saved.