Once the transcript is done, click the CC button at the top of the Text panel to convert the transcript into subtitles on your timeline.
To help me tailor future guides, could you tell me a bit more about your setup? What are you running (Windows or macOS)?
Premiere Pro 2020 was a fantastic release, but built-in, local Speech to Text was actually introduced in Premiere Pro 2021 (v15.4).
If your transcriptions are still missing the mark, check these common culprits:
To get the absolute highest quality and the specific features of the v21.6 engine, you will need to update your Premiere Pro application to a version that natively supports this updated language pack. How to Get Extra Quality Transcripts
Select your specific language, choose to transcribe a specific audio track (the cleanest dialogue track) rather than the master mix, and enable speaker separation.