@shaynetrain - Today we don't support transcripts at all on the new Stream (ODB/SPO). We are working on that now. We likely will have an editor for them around the same time that we support generating / uploading them.
Teams is adding support for meeting transcripts when that comes, it will only support at first downloading and no editing. But eventually meeting recording transcript editing will be supported in the same way we will support for any other video file in ODB/SPO.