"Real-time and post-call analytics" should be enabled on the "Set recording and analytics behavior" Contact Flow element for real-time transcription in Salesforce Service Cloud Voice with Amazon Connect.
If the "Post-call analytics" is enabled, then the transcription will be available on the Conversation component once the call is completed and the sync is completed.
Blog Post:
https://www.infallibletechie.com/2023/04/salesforce-service-cloud-voice-real-time-transcription-with-amazon-connect.html