You can change the properties of a text box easily. You can now also change some properties of a single word or selection within a text box.
First, double-click to edit the text. Then, select a font. You can scroll to view all of your choices. Most fonts, but not all, will offer Bolded, Italicized, and Underlined options, as well.
Next, you can choose the font size. Scroll to choose a number, or enter the font size and hit enter on your keyboard to see the changes on your canvas.
To change the color of your text box's contents, click inside the box, and then click on the Paint color tool icon located in the top toolbar. You can change the color by choosing a default color, pasting a hex code, or clicking the '+' sign under "Recent Colors" to choose from a color slider and color wheel. Click anywhere outside of the color tool to set the color.
You will notice the handlers at the sides of your text box. Simply drag the corner boxes on the left or right to adjust its size according to your needs.
You can align your text box with an image or icon with the vertical or horizontal orange alignment guidelines using the instructions found here.
To apply a style, size or color to multiple text boxes, hold shift on your keyboard while clicking on all of the text boxes you wish to change.