The bug I'm experincing has to do with captions that were "Upgraded to Graphics" and then "Replace with After Effects Compositions". Which results in placeholders populating instead of the editable text.
The process
1. Transcribe Sequence
2. Create Captions
3. Upgrade Captions to Graphics
4. Select Graphics
5. Replace with After Effects Compositions
What should of happened was a composition created in After Effects with Pre-Comps for each instance of a graphic - text layers in this case.
Instead a composition is created with placeholders, and no editable text layers.
Adobe Premiere Pro: Version 24.4.1 (Build 2)
After Effects: Version 24.4.1 (Build 2)
Windows 10 Pro: 22H2