Check these in order:
- Have you started? Share a screen or app, then press Start. Bubbles appear when a character speaks.
- Is the switch on? Look for the Overlay switch on Home.
- Is your game in exclusive fullscreen? You may see this message:
Your game appears to be in exclusive fullscreen. The overlay may not be visible — try switching to Borderless Windowed in your game’s video settings.
Do what it says: in your game’s video settings, choose Borderless Windowed. You’ll still hear commentary with the overlay hidden.