After seeing the speech translator from Dream's video, I was really looking forward to its promised release. But, unfortunately, the mod never appeared in the public access so that I could download it.
And, inspired by the idea, I decided to do something similar, but only for myself and make a server with this mod. And, surprisingly, it worked.
Now I'm at the start of developing a settings screen and overlay with subtitles for players. Basic functions such as speech recognition and translation were implemented at the very beginning. You can see the working version in the video below.
Initially, the mod was written for Forge, but I was convinced to switch to Fabric by the presence of an adequate wiki for development.
Twitter post - https://twitter.com/an1by/status/1790415655755300906
Discord of the SMP-server for which the mod is being created - https://discord.gg/xdKPSn8fFg