Adobe Premiere Pro will off-line let you create Speech to Text, with time-code (even just for transcript, I use it on most productions).
If you want something without a subscription, there is also Nuance Dragon which will allow you to import audio files (I only checked the Professional version).
However, reason for why most services are on-line, is because the language libraries they access keeps on improving and expanding – I understand that both Goggle and AWS runs language libraries, just to mention the “big” ones.
I am a fan, and user of Nova, which does a lot more, including logging your rushes, than just transcribing and creating subtitles. Because of what is under the hood, they can also translate the transcript from any selected language, to a large number of languages and create subtitles (although not 100% accurate, sometimes as low as 70% – depending on source and/or target language). Over the last year I have for my clients transcribed English productions and translated to Spanish (Mexican), and a few African languages.
Don’t know if my link will give you a special offer, but do feel free to take it for a spin:
Although, this is an on-line service only.
Hope that this helps.