True but that only applies to images displayed using the standard image library. TextSniper will capture text from any text displayed on screen, not just within an image. I use it often to pull text from things shared in Zoom. You can do it with the built-in Livetext but you have to do a screen shot, them bring that up in preview to get the text OCRd. TextSniper makes it a single operation.
When the beta containing Live Text was first released it was M1 only but by the time it was released, Intel support was included. A lot of people only remember the first impression.