When trying to replace an .srt file with an updated one (which is very common e. g. after a typo has been found and corrected), the file will not actually update in the timeline. My specific file got replaced in the project panel (I can open it in the captions panel and see the changes there) but it does not update in timelines, or at least not every time! In those cases when I'm not involved in the review process for the captions, it is almost impossible to figure out if the file was replaced correctly, because I don't know about the cahnges that have been made and it is often just single letters or words in a half-an-hour video. This lead to a frustrating situation in which I relied on the "Replaced Footage..." function (which usually works fine for video footage) and had to realize that it had not actually updated the captions – after the export was finished! Please fix this.

Edit:
Replacing a subtitle file from the timeline with "Replace with clip" does kind of work, but only gets you half way: The file is now correctly replaced and I see the correct preview bits in the timeline, but it is not updated for the preview monitor AND EVEN WORSE it is exported as shown in the preview monitor, although the file in the timeline is now correct! Please see the atteched picture. After exporting (directly out of PP) the subtitle still said "Kristoff" instead of the correct "Christoph" as shown in the timeline...