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It's mostly for logging and tracking purposes. While you could, technically, use it to help create a transcript to later caption a video, Premiere cannot create closed captions on it's own. You also cannot directly link this transcript to any kind of titling system within Premiere.
Premiere Pro can take caption files created by third party programs to properly lay closed caption to tape, for instance.
Can you give me an example of what you mean by logging and tracking? If I capture/ingest some video it will create a text transcript, if so, how does this help me with organizing my footage?
Well, we can both tell that it's not the greatest for scripted material. Let's say you're shooting something unscripted like a documentary: you want to pull up any interviews that mention a particular person's name so you can edit a passage. You can search the transcripts.
In truth, I haven't even used this function in for a few versions, as I didn't find it too accurate. YMMV.