Tested Parlez Vous Francais speech-to-text in the English version and VP did not understand it. Based on that quick look, the answer appears to be no. The Auto Generate feature of the subtitle editor works similarly. Perhaps VP recognizes the language of the country version in use?
The result is one long line unless the audio track is split and s-to-t is applied to each clip individually. Then the text clips can be modified in the text editor or via effects.
What do you intend to do with the text?
Check out this utility (or similar) which has a number of output options that work well with Videopad.