Support for live captions on Hangouts Meet was announced for the web and Android earlier this year. If you are not already using it then you should be.
Google have now released that same captions support to the Meet iOS app.
Live captions help make your meetings more accessible by reducing barriers to holding meetings between users of different hearing abilities, regardless of whether they are participating remotely or in person.
To try live captions on the web and on Chromebase for meetings touchscreen devices, navigate to the triple-dot menu at the bottom right corner of your screen and select the option to turn on captions.