Yes, you can not only customize the font type, size, color, arrangement with one tap on text but also add the background color to your captions or texts.

To customize, tap the caption/text you want to edit ,then adjust with the following tools below:
Tap to edit the caption/text.
Tap and hold to rotate the caption/text.
Tap to delete the caption/text from the collage.
Tap to apply the font type to the caption/text.
Tap to select and apply a color to the caption/text and adjust its opacity.
Tap to apply a shadow, select its color, and rearrange its placement.
Tap to align the caption/text to the left, center, or right.
Tap to apply a caption/text background and adjust its opacity.