Users can chose between two different texts: Expanding Text (shortcut: T) and Fixed Text (shortcut: Y).
You have to draw a box to create a text element. When changing the size of the text box, the font size will not change.
You can edit the text settings (color, alignment, style,...) in the element section of the inspector on the right.
To change the predefined colors and fonts, click on App Settings in the Project Map and navigate to App Styles.