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It's crucial to be aware of a significant update that affects older software versions. As of February 7, 2023, Adobe officially ended support for the cloud-based transcription service in legacy versions of Premiere Pro, including versions 15.4, 22.0, and 22.1. If you are using one of these older versions, the Speech to Text feature will no longer work because it relied on servers that have been shut down.
A professional-grade editor, though note that its native auto-transcription feature is tied to the paid Studio version.
Before diving into the "how-to," it is worth noting why Premiere Pro's native transcription tool dominates third-party plugins or external web apps.
You stay inside the software. You highlight your sequence, click a button, and the AI analyzes the audio. It creates captions that are perfectly timed to your timeline markers. No exporting, no uploading, no messing with separate files.