I confirm the same issue. Maybe this is a bug, idk.
But if apply Timecode FX as Video Output FX (as Mike told you) – there is no problem.
Delete redundant solid color and apply Timecode FX here: Tools menu > Video > Video Output FX
Afaik, you can only use ANSI characters in closed captions (it’s a US standard).
DVD subtitles do not have such restrictions (you can switch them on/off with DVD remote).