Text based editing not working

I’m on Premiere Pro 25.5 (MacBook Pro) and can’t generate a dynamic sequence transcript. The Text → Transcript panel only shows “Generate Static Transcript”—no option for “Generate Transcript.” I’ve confirmed:

• I’m working in a normal sequence (not nested or multicam).
• Audio tracks are unlocked and set to Dialogue.
• V1/A1 are targeted.
• “Audio on track → Mix/A1” still defaults to static mode.

Text-based editing doesn’t affect the timeline. Any fix or known bug for 25.5?