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Many schools lectures are not mandatory and have recordings available for the students. It's not uncommon.
 
What about transcripts of the lectures? Is that common?

No, because that takes unnecessary resources to transcribe everything. Even if the same professors give the same lecture each year, it will always be a little different. Rather, there might be note-taking services if you request it for disabilities, but lectures are almost always recorded (and many profs just read off the slides anyways), so there is no need for transcripts.
 
There is really no need for transcription unless you don't have a video or audio recording. Most of the schools that are not mandatory attendance are recorded and streamed.
 
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