Turning off "profanities" is very useful, even necessary outside the US as so much regular not-in-the-slightest-bit-profane words are rendered as ***** in other strains of English.
While the extended captions are useful, they are not enough when there are multiple speakers (who are often skipped in captions but not in transcription!). It would be great to be able to toggle more easily between captions and transcription - this requires going up and down several menus. Also you can't have chat and transcription visible at the same time, which is a terrible oversight. Switching between them is very cumbersome.
It would be great if someone at Microsoft took non-US English seriously again so that those of us in UK, Ireland, Australia, Canada, New Zealand, South Africa, Singapore etc etc had properly working language features. Besides Teams not adhering to general Office standards for language support, the non-US English transcriptions are hilariously bad with uncommon homophones substituted for common words everywhere e.g. instead of check, draft and filter, we get cheque, draught and philtre. "Snapchat philtre" - really??? Microsoft's language model can certainly tell the difference between these. Quality seems to have gone backwards a long way since I crafted Microsoft's first multi-modal English lexicon for text, speech and handwriting over 20 years ago!