Yes - but the file name should match exactly the DDV name including .DDV, i.e "ABEMORPH.DDV.srt". Also:
2
00:00:02,041 --> 00:00:04,041
With hand scars complete
the spirits took form
Crashes the sub title parser
But
2
00:00:02,041 --> 00:00:04,041
the spirits took form
Works. Also the HTML style tags are not implemented but if they're needed support can be added.
Only other thing is that "Now my chant had power" seems to be about 300msec out of sync for me. If you drop the file into data\subtitles you can try it out in the engine.