Feature Request - Transcription of Proxies

Hello. I was spending the last couple hours trying to transcribe a clip.  I clicked TRANSCRIBE in the clip's Text panel and then TRANSCIBE in the pop-up window. Nothing happened. No error message. The pop-up just closed.  After resetting prefs and other troubleshooting 101, I had an idea. Maybe Premiere cant transcribe proxies by themselves (the raw media is offline in the cloud for space reasons).

Is there any reason why trasncription is not avail when you only have the proxy online? If not, would love to see that in future release.  If there is a reason, maybe add an error popup explaining that for those who have the same issue I did.

Thanks!