If you turn on the feature, called Sound Notifications, you can have your Android phone inform you about some sounds via a push notification, a flash from your camera light, or by making your phone vibrate. Other devices support Sound Notifications as well, including Wear OS devices, which can send Sound Notifications via text notifications with vibrations. And they work entirely offline, according to Google.
Google says Sound Notifications can listen for ten different noises:
Smoke and fire alarms
Landline phone ringing
Sound Notifications are already installed on Pixel phones and “select other Android phones” and can be turned on from the accessibility