This has been an issue for me since text-based editing was introduced. I presumed it would be addressed by now since it's such an obvious and seemingly simple bug but it has not, and I haven't found any other posts about it.
The issue is that I'll have multiple dialogue tracks in once sequence (usually this is 2 audio tracks, one isolate for each speaker in an interview), and Premiere will auto-transcribe each clip just fine. But when they are together in the same sequence, only one of the tracks' transcriptions will display in the Text pane. Both tracks have identical settings regarding targeting, sync lock, etc. The only way I can get the dialogue of both speakers to display in the Text pane is to generate a static transcript, which of course comes with all the limitations of static transcripts. Each track contains only one audio file for the entire sequence, though trimming may subdivide it into a few different "clips". The issue exists prior to any such subdivision, and the single-track transcription that is displayed seems unaffected by any subsequent clip splitting.
There is nesting and multicam being used in these projects, but none of the enabled audio tracks are located inside a nested sequence, so IN THEORY it should not be a nesting-related bug. The audio tracks in use are all located in the top-level sequence.
The text-based editing feature is very cool but has been unusable for most of my work without this issue resolved.
Thanks for looking into it.