Does Keynote create transcripts for recorded audio editing?

Keynote does not provide transcription of audio or any means to edit that audio.

Although Apple's Voice Memo app can record, and provides a one-button transcription of that audio to text, it does not include editing capability. That Voice Memo audio can be drag/dropped into Keynote, and separately, so can the transcribed text.

I was just playing around, and I found that you can Share the audio from Keynote with Notes

In Notes, you can double click on the recording

and click the "details" button an see a transcript.

You can't, however, edit the audio in Notes, as far as I can tell:

Record and transcribe audio in Notes on Mac - Apple Support

Pretty cool, though…