I was so excited when they presented "improved dictation" during WWDC, and people reviewing the developer previews seem to think it was a stand-in replacement for things like Whispr Flow, but I am little disappointed with the eventual release. It's not a disaster, but I feel like there's so many small little things they could add to meaningfully improve it. Things like adding a dictionary of words that you can maintain for proper nouns or choosing which mic to use for dictation.

For me (M1 Studio) it works at least as well and as quickly as Handy or GhostPepper, which are considered two of the best. (Turn on with Keyboard > Dictation, works anywhere you can type text.)