The text component lets you display text and any variables that contain text. When you click in the content area, the variable manager will automatically appear.
Classes
You can use classes, which are defined in the theme - to keep your text consistent throughout the project, and make them up to date automatically when the theme is adjusted or changed. These are also useful to help search engines and other systems understand which pieces of text are the most important, regardless how they appear. There is always a class applied, the default being P (paragraph).
Styles
You can override any specific values from the class by switching the option to custom.