When editing on a multicam timeline, the transcript will go away when the playhead hits a cut point.
I get it back by going into the multicam edit window and select another angle, or to go to another sequence then return to the sequense I'm working on.
Also, not captured, my sequence tabs would randomly switch positions. Not sure if thats related to the previous problem.
Premiere 25.1.0 (build 73)
Apple M2 Ultra
OS Version 15.3.1