We do this at quillmeetings.com - the audio stays on your device and is transcribed by whisper. We also do speaker splitting and recognition with a combination of models. If you share or sync notes/meetings they are e2e encrypted.
FYI, the transcript-only product is free forever (it's local, so why not?), but generating AI notes, interpreting screenshots if you enable that, etc. are in the Pro plan and do require using a cloud API.