Ability to download captions
There are use cases for having the ability to download captions. For instance, when we put together walkthrough documentation we like to provide both video and written instructions and for the written instructions it would be nice to simply download the video transcript into a text file and just use that text. Right now the only option is to watch the video and write down the instructions.
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The ability to download a clean transcript is on the roadmap, not sure when it is targeted, but that should meet this use case: https://community.panopto.com/discussion/577/download-clean-audio-transcription
For the specific use case you mention, personally, I think having a PDF attached to the session would be what I would recommend to an individual if they came to me looking for solutions. Having the ability to just attach a file to a session would be even better, but having the PDF display at the end of the session might work for what you need.
Creators can download the transcription file https://support.panopto.com/s/article/How-to-Download-Captions.
But if students don't have the creator role access, we've found an undocumented URL that allows you to download the captions in the format:
https://<site>.panopto.com/Panopto/Pages/Transcription/GenerateSRT.ashx?id=<id of video>&language=1
The file still has the timestamps so it's not clean.