See post in regular forum, demonstrating this in Release 23.5.0 and providing more detail:
https://community.adobe.com/t5/premiere-pro-bugs/upgrade-caption-to-graphic-does-not-work-with-prese...
Steps to reproduce:
1 Create presets for effect (I used Gaussian blur) with a) Anchor to Out and b) Scale.
2 Create caption with duration of 5:29 (really anything other than 4:29)
3 Select and Upgrade Caption to Graphic
4 Apply either Preset.
Result: The new graphic text duration is 5:29, but the keyframe for the outpoint is 4:29, not 5:29
Expected: The outpoint would be 5:29.
A preset with Anchor to In works. Anchor to Out does not work. Scale does not work.
See the link above: Changing the default still image value changes the end point value. A caption duration of 4:29 works, without regard to the preference setting.
Stan
System info
Application: Premiere Pro (Beta) v24.0.0.14
OS: Windows v10.0.19045, RAM: 63.80 GB GB, CPUs (logical): 16