Yes! Once you have generated a preview of your video, you will be presented with an option to 'Add Text Overlays'.
The text overlay tool was originally designed to add a text intro/exit message, the occasional notation or comment throughout the video.
The editor has seen received a huge update with new templates and a much more intuitive user interface. You can now create an entire lyric video, adjust your individual timings, fonts, colours etc
We've created a tutorial video which will walk you through the process