What we want to do is take a captions file (like all the ones mentioned above, ie. When building from scratch, we simply stretch the layer out for the whole duration and make cuts for each line. Don't worry about what we do with it, just think simplyh it is a layer that sits above the video and you can cut at each spoken line. With that said, we usually do this by having a layer of Essential Graphics in adove premiere (which you can animate with keyframes, format and do whatever you want with it). This is for upload to social media/select clients and we are choosing to marry/burn the graphics text onto the image.

these do not need to reference the timecode after the video is complete. And yes, this is for 'burn-in' or maybe called 'open captions'. How can we take this file and simply convert it to the Essential graphics text. srt/scc/ttml/txt files (I am using a service called - they allow srt, vtt, txt, stl, edl, html, xml, csv, docx,). I think everyone is misunderstanding the simplicity of the OP's ask, or if I may ask for myself what I am trying to do (which i think is the same):

Convert youtube transcript to srt