There's a new sticker called CC captions that you can add to your Story. When you do, the app will transcribe the audio. You'll have the option to change the font of your captions. However, Instagram didn't transcribe Navarra's story completely accurately, mistaking "finally" for "find."
This move is a big boost for accessibility, especially for hard of hearing users. It could come in useful for those who speak different languages too. There are third-party services that Instagram users can harness to add captions, but a built-in auto caption tool could translate the text. Engadget has contacted Instagram for more details on the feature, including rollout plans.
Update 03/09/21 10:00PM ET: According to Instagram, the feature is not widely available yet. In a statement sent to Engadget, a spokesperson said: "We're always exploring ways for people to better express themselves in Stories. This feature is not publicly testing at the moment."