Premiere Pro subtitles (captions) aren't appearing on preview or exports

I use Premiere Pro regularly for work to transcribe audio and create subtitles/closed captions, but I’ve recently run into a really strange issue.

My captions no longer appear in either the Program Monitor preview or my exports. I’ve checked all the usual suspects (and plenty of less‑obvious settings), but the confusing part is this:

If I open the exact same project on someone else’s computer—without changing anything—the captions do appear.
So this seems to be an issue specific to my machine or my Premiere installation.

Here’s what I’ve already tried, with no success:

• Uninstalled and reinstalled Premiere Pro
• Installed older versions
• Updated Premiere Pro and macOS/Windows
• Reset/reset‑on‑launch Premiere settings and caches
• Tried completely fresh projects (captions still don’t appear)
• Checked every troubleshooting thread I can find

The odd part is that captions do show up if I open the project in Premiere Pro Beta, and exporting from Beta works fine. So I can technically continue working, but it’s obviously not ideal and clearly something is wrong with Premiere Pro on my main install.

Has anyone experienced this? Do you know any fixes or hidden settings I might have overlooked? A lot of forum threads mention settings that no longer exist in v25, or people say the issue just “resolved itself,” but I’m completely stumped.

I’m on Premiere Pro v25.6.4.
If screenshots of specific settings would help, just let me know which ones—happy to provide anything useful.

Thanks in advance!