The captions are working better than ever in 2022, and editing in the transcript tab works quite well. Unfortunately the formatting choices aren't carried over to the caption tab.

When captions are created from the edited transcript, Premiere ignores the speaker selections completely and will go ahead and combine lines from two different speakers. It also seems to ignore if you divide a line from one speaker into chunks for better caption timing. Please at least offer an option to honor the formatting choices in the transcript tab when creating captions, as editing in the transcript tab (splitting lines right at a certain word for example) is much better than in the caption tab.