I'm glad im not the only one with this frustration. I do have a 14 Pro with dynamic island. I tap the voicemail button on an incoming call, then I have to swipe up to unlock the device, which takes me to the Home Screen. I then have to quickly tap the voicemail bubble on the dynamic island to actually see the transcript.It doesn't work the best...when I click on the voicemail icon to send someone to VM for Live Voicemail, it then says I can only see it when unlocked, but I can't unlock the phone as it's then stuck on the calling screen.
More than likely a bug, but not quite smooth yet.
iPhone 13 Pro Max - so no dynamic island...that may be where the bug is coming in from.
It's worked when I already had my phone unlocked and could test and see, but if my phone is just sitting there and I don't answer, it won't let me see a live voicemail.
Apple either needs to be doing Face ID unlock during the phone ringing, or they need the option to allow transcript while locked. I really don't like how it currently works.