Transcription not available in Voice Memo or Notes

My Voice Memo app has no voice transcription option when I am making a recording. The "quotation" icon is simply missing. Further, after making a recording, there is no option to view a transcript.

Additionally, according to Apple, there should be a "paperclip" icon in my Notes app, that when tapped allows me to record Audio. That icon is not present in my Notes app.

I have an iPhone 14 Pro with iOS 17.7. It is set to English, United States. Siri is enabled. I can't find any solution to this. Any help is appreciated. Below are some screenshots of what I am seeing.

From Voice Memo after tapping the three buttons. Apparently there should be an option here to view the transcript.

From Notes. No paperclip icon:

Thank you