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When the text tool is
selected, pressing the left mouse button in
the schematic pulls up a text dialog. On exit,
after
pressing ok, text is inserted at the cursor (at the location of the
cursor at the start).

Type text into the top box.
The next box
down displays the effect of font settings from the toolbar below.
Controls on the toolbar :
The Rotatable control
allows
text to rotate about its center when an item is rotated using menu
Edit->Rotate. Some styles of library part use
rotatable text e.g. for the part value in some resistor library parts.
Note see fields for a set of automatically updating text e.g. save data.