Changes:
Menu item “Set PBC State” in Preferences replaced with “Show all as DATA”.
I think that videocd is obsolete now and I have extremely low space in firmware for new menu items
If this new feature turned on player should handle all discs as data discs and show its folder structure in filebrowser. In this [...]

Here is another beta firmware based on vF3 that may solve the subtitle problem.
I can not reproduce this problem myself, so it is just a theoretical solution.
Please post your testing results!