Use SRT if you are not sure. Use VTT if the captions go into a web page with the HTML video element, or if you want styling and positioning.
SRT: numbered cues, times like 00:00:01,500 with a comma, no header, plain text. VTT: starts with the word WEBVTT, times like 00:00:01.500 with a dot, and supports styling and positioning notes.
YouTube accepts both. Most video editors import SRT. Web players built on the HTML video element use VTT. When a platform asks for one, give it that one.
The Caption Maker downloads the same captions as SRT or VTT, so you can try the other if one is rejected.
Open the free Caption MakerLonger files and offline launch files are planned for a one-time $24 pack, not yet for sale: Pack in preparation