Ahhh unfortunately that did not solve the problem. Selecting Extract closed captions and subtitles in the conversion task does extract an .srt file and places it in the same folder as the outputted .mp4 file when I input a .ts file. The resulting .mp4 file also has the subtitles embedded in it.
(I should note that subtitles are embedded into the .mp4 without the use of Extract closed captions and subtitles, as well.)
So far, so good.
However, when I then further use Custom Cuts to create additional edits into an .edl file and subsequently Process with MCEBuddy, the file gets added to the queue, processes with the same conversion task, but the extracted .srt file is never embedded.
Perhaps I am doing something terribly wrong?