I have a .vtt subtitle file file that has position changes, transitions, colors, that "syllable emphasis" effect and maybe more that I cannot remember right now.
However, the last two characteristics mentioned (colors and the effect) are not rendered by VLC, they appear like normal subtitles with the default color (white). VLC also has problems with transitions and some position changes, but as I don't have any other player that could display them properly (Media Player Classic doesn't move the subtitles and MPV just ignores any css mark in subtitles) I don't know if it's VLC's fault or the subtitles are not written correctly.