I hate to say it. My clients want that trendy TikTok-retention-fueled captions. If there could be more tools in the captions space (similar to CapCut) it would be incredibly helpful to streamline these captions.
The option added in 23.1 is to "Upgrade caption to graphic" and then work with them as regular graphics text. You can keep them as captions by duplicating the caption track before converting.
@Jackhammer91 I built a plugin for editing those TikTok and Reels style captions in Premiere Pro. You can build any MOGRT in After Effects and create animated subtitles in Premiere: captioneer.tv
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Two similar alternatives are FireCut or Submachine.