Even for long videos, transcription usually finishes within a few minutes.
If it's unusually slow, try these steps:
Remove effects like transitions, color, or motion applied to the clips.
Unnest any nested sequences.
Delete unused video or audio tracks.
For 4K footage, temporarily lower the resolution.
Split the video into under-30-minute clips and transcribe them in separate sequences.
If your system is low-spec, transcription speed may be affected.
Close unnecessary programs and go to Premiere Pro > Preferences > Memory to reduce memory usage by other apps.