Essentially, your transcription is the record of what you're talking about for accessibility first, then bots. Keyword stuffing in them is just tacky. But you should definitely pay attention to optimize your title, description, and all that other jazz.
You can add a transcript without times in the interface by using the "transcription" option. It possible that these are less friendly SEO wise. But they are better than nothing. Closed caption files are the best option to go with. (I will admit to be very lazy with my own video and not creating closed caption files, just transcripts. But there are also services that you can pay to do this for you!)
