Feature
Needs: Companion
Turns the audio into text word by word, with the exact timing of each one. The text appears in General transcript and it's what you edit to cut the video.
It starts automatically when you process a video with the Companion running. If it's still waiting, use Transcribe with Companion (local); to redo it, Retranscribe.
It doesn't use AI or a key: it runs on your PC (or on your Android phone with the app) and the audio never leaves your drive.
The Companion running. With an NVIDIA graphics card it's much faster; without one it still works, just slower.