Two of the elements are mainly responsible for text content, they are Heading and Text.
Although they are very similar, in practice you should use Heading for title, subtitle, dividing content layout, and Text for long content.
Besides settings from Sidebar, both of them support text inline formatting for extra flexibility.
You can format a part of the text by selecting it, a formatting popup will display right next to it. You can then make it bold, italic, underlined, or insert a link.
The inline style should be used for a part of the text only and will override element styles being set from Sidebar.