Subtitles in wrong position when using crop video effect

I have a video with letterboxing (black bars at the top and bottom) and additional .srt subtitles.
With regular playback, I get black bars at the top and bottom.

I'm using Adjustment and Effects -> Video Effects -> Crop to crop out the black bars.

The bug is that subtitles are now displayed in the wrong position (shifted up and to the left):

I reencoded the video without black bars to show how it should look like:

The subtitles are regular .srt text subtitles. It doesn't matter if they're included in the .mkv container or loaded in separately via "Add Subtitle File...", the result is the same. This is the codec information for the subtitle track:

And here is an excerpt from the subtitle file:

137
00:07:41,125 --> 00:07:43,541
# Or wonder, "Will I belong?"

All lines look exactly like this, the subtitles contain no additional metadata or position information.

I don't think the video codec matters, but it's just H.264:

VLC Version: 3.0.16
VLC settings completely reset
OS: Windows 10 21H1 (Build 19043.1237)
Logfile: log.log

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