Dear Jessica Grace,
Good day! Thank you for posting to Microsoft Community. We are happy to help you.
As per the description shared, I understand you are not able to see the Transcribe feature in the OneNote application and since the Transcribe feature availability starts from the version 2211 Build 16.0.15819.20000 or later, and since the Transcribe feature is displaying in the customize ribbon but not in the ribbon, I would like to request you to share the OneNote 365 Account page screenshot so we can test the behavior in the same version of the OneNote 365 app and guide you futher.
Open the OneNote app> File> Account> Take a screenshot and share it with us.
Note: Please make the email address and tenant name in the screenshot for protecting your personal information.
Thanks for your cooperation.
Sincerely,
Mia | Microsoft Community Moderator