Does Premiere allow users to generate custom, timed subtitles (for social content) that highlight each word individually?

(Currently on Adobe Premiere Pro 26.5.2 Build 5)

I am trying to see if Premiere has a way to generate subtitles similar to what Adobe Express allows you to do with its “Blocks” style - a colored background that highlights each word as it is being spoken. I have found some YouTube tutorials that show you how to achieve this, but they require third-party plug-ins. My hope is that Adobe has developed a solution for this inside of Premiere by now, given the popularity of the style across various social media platforms.