https://www.macworld.com/article/351669/macos-monterey-how-t...
Having it built into the OS is so handy.
Edit: As of July of 2021, Live Text was available in beta on Intel Macs so by the time Monterey shipped it worked on both Intel and AS.
Whether it works on a given document may depend on how that app displays the image. I can see where it would be complicated in a PDF where you may have combinations of text, images, and OCR’d text behind images.
It works with anything that works with Monterey. So if you are running macOS Monterey you fit the requirements.
I have it mapped to ctrl-alt-command-C. As more and more apps and webpages make text unselectable, it’s become invaluable. My favorite trick is to copy the URL when someone is screen sharing their browser in a virtual meeting!