I freakishly happened onto the fix for the infamous "Closed Captioning" forever on and never able to be turned off bug in Sony Video Capture:

Delete the registry key: HKEY_CURRENT_USER\Software\Sony Media Software\Video Capture

Then, relaunch the program and the problem should be fixed.

I'm not familiar with this particular bug. What are the symptoms?

You turn on Closed Captioning, then you can never connect to devices that don't support it and it's forever on.