Forgot to mention my system specs:
Windows 8.1 Pro 64-bit
Intel W3565 Xeon 3.2 ghx processor
24 gb ram
Nvidia GeForce GTX 980 ti
Yes, because subtitles are different than captions and I like to have granular control over the display of them.
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Just tested this project file on AE 2014 and AE 2015 on a Mac running OS X 10.10.5 and I have been able to reproduce the issue. The text is super easy to edit in AE 2014 and HORRIBLY slow in AE 2015.
Hitting return before waiting for the frame to re-render seems to actually update the text, but doesn't update the view until you jump forward or backward a frame, etc. It seems like a preview bug of some kind, but it's awful.