Not built into the OS. However if you need to, you can use sandboxed Play Services along with the Google app and Google Lens.
Google and Google Lens would require network.
Due to the last point some people prefer to restrict this to a secondary user profile.
Then there are Open Source alternatives one of which is:
https://github.com/SubhamTyagi/android-ocr
For something in between (still using Google libraries but offline):
https://github.com/TechNikh/Android-Open-Lens-OCR-Text-Scanner
These are not personal or project recommendations however, I am providing these as they've been discussed in our [Matrix] Community. I don't personally use any and only you know what you're willing to do with your device yet I hope this has been helpful to start your considerations.