There is an app that does that : MyKaraoke Video. Please note that this app and other similar apps are subscription based and about 10 per month. This might be a bit too expensive is you are only interested in that unique feature and not interested by the video output.
Here:s how it woks : you upload an MP3 and paste the lyrics in the app. The app uses AI to merge the timecode to the lyrics you pasted using the MP3 timecode. It works better that way since you do not have to rely on Voice to text and are getting the correct lyrics every time (since you pasted them in the app).
Heres 2 example of the output . I tested both and it works well in Stagetraxx,!
The output is an .SRT file
#1 timecode per sentence
[00:22.32]Used to spend my nights out in a barroom
[00:31.66]Liquor was the only love I'd known
[00:41.22]But you rescued me from reachin' for the bottom
[00:47.64]And brought me back from being too far gone
[00:57.50]You're as smooth as Tennessee whiskey
#2 timecode per word (Karaoke style) Note : you have to do a find and replace all on the output file to convert < to [ and ≥ to ] as Stagetraxxx does not understand those tags.
[00:22.32] Used [00:22.50] to [00:22.64] spend [00:23.02] my [00:23.30] nights [00:23.64] out [00:24.72] in [00:24.78] a [00:24.82] barroom
[00:31.66] Liquor [00:32.10] was [00:32.50] the [00:32.74] only [00:33.28] love [00:33.76] I'd [00:34.08] known
[00:41.22] But [00:41.46] you [00:41.70] rescued [00:42.26] me [00:42.60] from [00:42.86] reachin' [00:43.30] for [00:43.74] the [00:43.90] bottom
[00:47.64] And [00:47.98] brought [00:48.78] me [00:49.20] back [00:51.36] from [00:51.58] being [00:52.78] too [00:53.06] far [00:53.40] gone
Thanks
Francois