Welcome to the Zoom Community, @twopools!
Yes, you can set this up. If the goal is to let participants use the running transcript for accessibility without giving them the ability to save a copy, you can control that through the transcript saving settings.
In the Zoom web portal, go to Settings (or Account Settings) and look for “Allow saving of transcripts to computer by.”
Set that to Host only, or Host and co-hosts if your co-hosts need access as well.
Participants can still view the live transcript during the meeting. They just won’t have the option to save it to their computer.
So you can keep the accessibility benefit of the live transcript without opening up transcript downloads to everyone.
You may also want to check out this article for more information: Enabling or disabling meeting transcripts