Trying out the new transcript feature. I get Premiere Pro to transcribe my sequence, but there are definitely text changes required. I attempt to copy-paste the correct text from MS Word by double-clicking into the respective transcribe window, but the originally transcribed text will not change. Sometimes it will be replaced with the text <type your caption here> but I still cannot overwrite this with my new text.
Until the transcription text panel gets an update, try clicking on the text you want to change in the Program Monitor. You can copy / paste your replacement text from outside Premiere into the Program Monitor text box vs. the Text panel.