Hi Pavan
Good day to you!
I hope you are doing well. You are absolutely right Microsoft Lens and Azure AI services are completely different services. Within the Microsoft 365 suite, OneNote is the primary tool that offers Optical Character Recognition capabilities. Which can allow extract text from images.
If you need this feature with other Microsoft 365 suites, I recommend you send feedback to the Microsoft. Since it's related Microsoft 365 product services and features option under product design, I believe that the related product team can develop some convenient configuration based on customer requests.
Therefore, Microsoft recommend submitting feedback by going in Ideas · Community (microsoft.com)
I would really appreciate your precious time. Thank you again for your kind cooperation.
Have a good day.
Best Regards,
Nahid Sultan