IMO subtitles are not that effective as you brain just stays in read-mode and you don't actually process any of the spoken language. When most languages grammar are not 1:1, so hearing "house red is mine" but reading "my house is red" isn't helpful - more true with real sentences that tend to have more than 4 words in them. Language listening skills require a fair amount of attention and focus.
Though I do think there is value in watching tv series or movies you've already seen in another language _without_ subs. You're able to focus more on the dialog and pair it against your knowledge of the story structure without getting distracted. You can't only do that however, which I don't think you're suggesting. You need to have studied the language to know what words you can pick out/know/dont know.