This app live captions any output to your sound device locally https://github.com/abb128/LiveCaptions
Whether I mute my output device, or selectively mute a tab or app it still works fine.
There’s a similar feature baked into Win11, not sure whether that is processed locally/privately though
From around 2016-2020 the most popular devices were just a series of incrementally adding more pointless shit, which is why it’s like that. They’re not that popular anymore.