OK, so I'm attaching a screen shot of the files from a virtual training I hosted yesterday.
Notice the 2 files I've circled, the Audio Transcript and Closed Captioning. (transcript vs caption.jpg)
The Closed Captioning just lists the time stamp and the text of what was said. The Audio Transcript lists that and the name of the person speaking at the time. It also is a .vtt and opens in Notepad.
Check your user settings for Closed Captions, make sure those are on. (zoom transcription.jpg) I just have everything turned on, but I'm only using live transcription, not any third party providers.
Also, in my Cloud recording settings, I have "Audio transcript" checked. I think you need that as well. (audio transcript cloud recording.jpg) When I mouse over over the question in the circle, the message reads "Automatically transcribe the audio of a meeting or webinar that you record to the cloud."
I don't know if I need all these things saved and checked, but I have them, and things work for me this way.
-KJH