TL;DR:
Closed captions will soon be supported for videos embedded in PowerPoint and shared in Teams (desktop and web) using PowerPoint Live. Due early to mid-March 2023.

Details:
When creating a PowerPoint presentation in PowerPoint for Windows or PowerPoint for Mac, you will have the option to include a closed captions file with your video:


When the presentation is shared via PowerPoint Live for Teams, any embedded video that includes closed captions stored in a separate file will automatically include the option for attendees to turn on closed captions:


When closed captions are turned on, they will appear at the bottom of the slide, as shown below:


When no closed captions are available for a video, the closed captions button will be disabled:


Availability:
Due early to mid-March 2023.

Source, related links, and references:
MC513049.

Check status:
Microsoft 365 Roadmap ID 114494.

Page originally published:
11th February 2023 and kept up to date.