If there were support for a graphic layer, then i would agree, yes. But in many cases text subtitles simply limits your possibilites too much. For example, you can only translate the voice over, but not texts, that appears at the same time.
It has a reason why i have decided myself for own cutscenes and against the use of SRTs. So it was my recommendation based on my experiences i have collected and based on my demands i have for atleast my own translation packages. And because you will likely have to download specific languages as an own mod anyway (because it could be hard to implement spelling updates etc. otherwise), you have seperate downloads anyway.
If the SRT support is enough for Nikogori and his translation attempt, fine. It is his project after all, with his own ideas and visions. Every one has different demands on how a translation should appear. For me SRT simply are too restictive. That's everything