Some good news, I have been diving into an alternative to "Vegas Pro Speech to Text". Although it is a very fine feature and easy to use, it has some drawbacks: first of all, it is a Vegas 365 - only feature (I hope this may change). Lots of people will not be able to use it - those without a subscription. Like all AI based stuff it is dependent on the model and results may vary. It also lacks a way to tune for quality and language. I suspect it also being more favorable to English.
So here is an alternative: Whisper openAI.
I have created a simple Vegas script to call whisper and convert speech to text. Just place the cursor over an event on the timeline and the script will create result files with text. In a future version I can extend this to create subtitles from these result files on the timeline, feel free to add this or add more of the whisper capabilities like quality, language and translation options. Refer to the document on Whisper at the bottom of this post.
Here is the link to the Vegas script called "Whisper Speech To Text":
I made a new improved script with UI to select different transcode model options, a translate option, and a UI option to import the subtitles from the generated files to a new track
Here is the link to the new Vegas script called "Whisper Speech To Text v2":
The only caveat is that it requires quite a bit of effort to get whisper installed, it depends on Python, GIT, FFmpeg, etc. and setting of environment variables. So, you need to install a bunch of supporting stuff before you can use whisper. But it is doable. For this purpose, I have put together a document on how to use and install whisper (and its dependent programs), it has all the links to get you up and running.
Here is the link to the document on Whisper openAI: