Is there any way to utilize voice to text for transcribing spoken word?

you mean like dictation? Dictate messages and documents on Mac - Apple Support

And there is a Shortcut for that which requires Settings > Keyboard > Dictation is enabled and your audio source is either automatic or selected. Then, the workflow is as follows which when run will append your dictated text to a designated text file. You have the option to implicitly append dictated text, or overwrite the file if it exists.

When you run this Shortcut, it will open a window that captures your spoken word, before adding it to the output text file. The last action added will be the title of the Shortcut and you can click on that title field and change it. The Shortcut will autosave itself. I happend to have BBEdit installed for text, and otherwise, this probably will be Apple's TextEdit.

Although it is tempting to insert a detect language and translate from language to language to transcribe text into another language, I could not get that working in this Shortcut.

You can go to Dictation in Keyboard setting to set up the language.

Then open a note in the Notes app and try it out. I tried and it worked well if the voice is close enough to your Mac.

Please note the dictation does not work if you are on a call.

There are several ideas and resources on this page: https://www.jeffgeerling.com/blog/2022/how-transcribe-audio-text-using-dictation-on-mac

FWIW, there is an app called MacWhisper which can transcribe audio files to text. Never used it so no idea how well it works.

https://goodsnooze.gumroad.com/l/macwhisper