SRT has almost no styling or positioning, and character encoding problems are common. CSV is plain text that every spreadsheet, database and script can read. SRT is at home in subtitles that must work almost everywhere; CSV is the usual choice for moving tabular data between systems.
The text is read as UTF-8 or UTF-16, whichever the file is. An older file in another code page is read using the charset it declares, or as Windows-1252 if it declares none, so accented letters in an unlabelled legacy file can come out wrong. A file that is not text, such as the picture-based subtitles of a DVD, is refused instead of being converted to nonsense. The result has the columns index, start, end and text, with times as HH:MM:SS.mmm, and starts with a byte-order mark so Excel reads accented letters correctly.