When available, transcripts can be invaluable to persons who have hearing impairments or when the speaker is hard to understand.
In a video that has the CC option available, click on the “kebab” under the video (the three dots, •••). In the menu that appears, choose “Open Transcript”.
A transcript will show up under the video or to the right of the video depending on your screen size and video settings. The transcript is interactive and moves along with the speaker. You can toggle the timestamps on and off as needed.