Then they wouldn't be subtitles.
By this measure, I'd expect SUBtitles to be under the damn video, not overlaid on it.
https://www.w3.org/WAI/WCAG21/quickref/?versions=2.0#qr-medi...
Failure F8 seems relevant to the loophole: https://www.w3.org/WAI/WCAG21/Techniques/failures/F8.html
If there are some mistakes (due to sloppy or autogenerated speech to text) it might work but not if it's totally wrong