Hardcoded in the TE bluray but not the EE bluray, I believe there are EE only scenes that are softsubs only, IIRC.
My EE Blu-ray collection has hardcoded Elvish subs.
Interesting, seems like the NA release has hardsubs but other reigons do not.
I read in a forum that the USA BD’s have hardcoded Elvish subs but the European BD’s don’t.