Mismatch of caption text and text in program monitor

[Nick Lear]

Brought in a clip and transcribed it and added the captions to the sequence
At some point noticed the caption was a single line whereas it was 3 captions in the timeline
Edited it in the Text panel but it didn't update in the timeline (see screenshot) 
System info
    Application: Premiere Pro (Beta) v15.0.0.15
    OS: Windows v10.0.19041, RAM: 15.85 GB, CPUs (logical): 8

[Nick Lear]

Update: I was looking at the Transcript section of the text panel and not the Captions section which does change with the program monitor.

But I am a bit confused why I would then need the original unedited transcript which doesn't change when I fix the mistakes?