Bug applies to Release 25.2.3 and Beta 25.4.0.44 (first identified in Beta build 40).
Now that multiple caption tracks can be enabled, I think I have correctly sorted which caption track will be exported to a sidecar. Basically, it is whichever track shows in the captions tab. See my post here:
https://community.adobe.com/t5/premiere-pro-ideas/choosing-subtitle-track-for-export/idc-p/15360809#...
As I say there, "File -> Export -> Captions appears to have a bug. As expected, it is not greyed out when a track shows in the Captions tab. But it exports the highest numbered caption track (last added) without regard to what is enabled/selected. For example, if there are 3 caption tracks (C1, C2, and C3), and only C2 is enabled and only C1 has a segment selected, the SRT export is from track C3."
Steps to reproduce:
1. Create sequence, transcribe, create 3 Subtitle format caption tracks. Modify so caption segment 1 in each track has different text.
2. Enable track C2, select a caption on C2
3. File -> Export -> Captions
4. SRT is only option (correct for current functionality) - select with styling or not makes no difference.
Result: Caption track C3 is exported.
Expected: Caption track C2 should have been exported.
Note: Captions tab -> 3 dots -> Export -> SRT exports C2 as expected.
System info
Application: Premiere Pro (Beta) v25.4.0.44
OS: Windows v10.0.19045, RAM: 63.80 GB GB, CPUs (logical): 16