I think I discovered a bug this weekend (and yes I reported it to Apple). Wondering if anyone can confirm.
I have a deaf friend with an iPhone 11. She had been using Live Captions under iOS 26 and earlier with no issues. She had the region set to Canada and the language set to English (Canada). Recently she updated to iOS 27.0.1 and found that the "Live Captions" option under the Hearing settings in Accessibility was not even present. We tried multiple things including reset all settings, changing the language setting to another english language (sadly, we did not choose English (US) ... read on), and I even did a DFU restore. Nothing worked. I finally chatted with Apple support and went over all of that previous attempts to fix. They suggested I try setting the language to US English. Lo and behold, that worked. I verified that setting the language back to English (Canada) caused the setting to disappear. Has anyone else found that? I have an iPhone 13 and it does NOT have this issue. So it may be related only to the iPhone 11.
If anyone else can verify this, it might be good for a few more bug reports to get submitted so they can hopefully fix it in a future update.