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Decompilation is done by another product of Hex-Rays, which is called Hex-Rays Decompiler. You can find more about it here.
The page includes the list of supported processors (correct for December 2019):
x86, x64, ARM32, ARM64, PowerPC, and PowerPC64
This product is implemented as a plugin for IDA, doesn't work without IDA itself, has its own license,and cost additional money.
If you processor is not supported by Hex-Rays Decompiler, you can either use Ghidra instead of IDA (it has common, but less polished decompiler for all processors it supports) or find/create decompiler plugin yourself.