I keep repeating, I know, but hearing something you like and analysing it is very good for developing your musical hearing. Decades ago, I did transcribe a few sections of McCoy Tyner solos. It literally changed my ability to hear chords and added the knowledge of how one great player heard them harmonically. There would have been no real benefit in transcribing the entire solo. After listening enough times, those things are in my head, almost note for note.
To me, the essence of learning from what has gone before (i.e., someone else's playing) is not transcribing, but figuring out the notes being played, then analysing the how and why. Let's face it, yes, there's a structure to a whole solo, but aside from that, at least 80% of any solo isn't ground-breaking stuff but often fairly classic things done very well, and with a personal twist. Again, Bye Bye Blackbird or Autumn Leaves are very simple hearable melodies and chord changes. Listening to several of the many versions by great players will reveal how they turn these tunes into their own. I think that's worth doing and it takes far less time than transcribing a whole solo.
It has never been easier than it is today to slow down a phrase or a set of chords, with something like Audacity. For the McCoy turnarounds, I had to start and stop the cassette tape a million times, but after hours of this, I had this valuable resource. Since then, I can mostly listen to something that strikes me, go to an instrument, get the notes, and figure out what exactly was interesting about it. It's not always the notes themselves, often the rhythmic use of them, or the "framing", i.e., how a particular note was arrived at. This is often a key element of the style of a player. It is certainly a key element of all improvised music.
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