I’m getting into using Subbits - https://www.videotoolshed.com/product/subbits-subtitler/ - a standalone app for subtitling input & timing that generates open & closed captions for import. I bring them in as xml if PNG files. You can then ‘edit original ‘ on a PNG and it opens the text for editing.
Developer super responsive, now has instigated an import transcript feature that does a good job of parsing timecodes in the transcript, and the breaking down the subs between timecodes. Can then do trimming for accuracy and edit the text within Pp.
Text is also in ‘Description ‘ clip metadata so pseudo ‘phrase find’ possible.
You can use my still free psTitles (http://www.spherico.com/filmtools/TitleExchange/psTiltles/index.html)
Or brand new and way faster (http://www.spherico.com/filmtools/TitleExchange/PTI/pti.dmg) - it's pre-release and expires late January 2018.
You can create either classic Titeler or the new Graphic Text titles with it.
It is the one and only app which can do that.
If you have questions let me know (spherico dot mail at gmail.com)