I feel the opposite. I always feel like having to read subtitles destroys the immersion, because I can't read the subtitles and also watch the environment and visual cues and facial expressions. If I'm reading subtitles, I might as well be reading a book because I'm not watching the show anymore.
If you grew up watching subtitled cinema, it becomes second nature. You manage to hear the original audio, watch the actors' faces, and read the subtitles, all without missing a beat. Believe me, it trumps the alternative, which is dubbing. Where I come from, dubbing is for kids' movies ;)