The Voice Memos App has two Major Features

Apple has made it easier than ever to transcribe recordings you have with iOS 18. Not only can you record and transcribe your phone calls automatically, but you can also record your voice notes in the Notes app and automatically turn them into text.
Fortunately, the Voice Memos app gets the same treatment. Now, the app is capable of two significant new things. First, you can transcribe all your recordings, which makes it easier to search for a specific section or copy something you recorded.
Another cool feature is that you can edit your recordings as soon as you finish them. When you open the voice memo, you can replace a section of the recording with another recording.
You can also add other sounds to your voice memos. This is meant to help artists create the perfect song by adding different layers without exporting their recordings outside Voice Memos.