Apple Music‌ features real-time lyrics for many songs that you can sing along to while the track plays or use to skip to specific parts of a song. In iOS 14.5 and later installed on your iPhone or iPad, you can now share song lyrics with a friend or with a wider circle of people over social media, including Instagram Stories.

Source: iOS 14.5: How to Share Apple Music Lyrics and Song Clips – MacRumors