The text component allows you to format your text in many different ways.
The design options allow you to choose between a number of styles and text alignments. You can also enable all caps.
If your text is long, you can also enable truncate the lines and show a 'More' button that users can tap to expand the full extent of the text. You can choose between 1 & 6 lines for the truncated version of your text.
You can type your own custom text within the component's settings or use a source column in your sheet.