Wondering how to enable chat transcription on PS5? This is how you do it:
PS5 Settings > Accessibility > Chat Transcription > Enable Chat Transcription
In the same screen you can change the Language and Voice Type for Transcription.
This setting converts the voice chat of other players in parties and games to text, and read aloud the text you enter to other players. Chat transcription for in-game voice chats is only available for games that support it.