Further info on my use case : I often watch TV live when swapping channels, or watch recordings time delayed a few minutes, in order to skip commercials.
For example, a typical TV series has about 15 minutes worth of commercials per hour. I have recording setup, and start watching at 15 past the hour. On my Dish DVR, I can watch time delayed while recording just fine with closed captions.
This is not about being hard of hearing, but rather having 2 non-native English speaker in the house.
I watch OTA channels primarily, so I wouldn't miss an content by using OTA ATSC with Media center. Except the subtitles ...