How do I change the colour of text that already exists? (Or the font or size for that matter.)

How do I change the colour of already-existing text on a map? I could just delete it and retype it in the desired colour but it would be much smoother and easier if I could just change it. The obvious method - highlighting the text and changing it in the little menu for the text tool in the upper right - does not work. All that does is unselect the text. I swear this used to work, but it doesn't anymore. For that matter neither does changing the font or size from there, and I have definitely been able to resize text in this way in the past. When/why did this stop working and more importantly, is there a trick or workaround to get this functionality back?

This still works for me, though with 2 quirks: 1) The first time I wanted to change it, I changed the font a bunch of times with no apparent effect; when I changed the font size as well, then the font appearance changed. From that point forward, I could change either and it worked. 2) Changing the font and/or size does not simply resize the text object in position. Sometimes there was a relocation, too. It doesn't seem tied to any particular size/location (as if it were always going to center the text about the same point, or as if it only caused a problem when shrinking). Instead, without further testing, it seems tied to particular font combinations. Montserrat to Anton, for example, causes my text object to inch-worm across the map.

Hi Jeff! The text is a text object, not a text processing object. You can apply styles and color only that affect the entire object, not individual characters. To make style changes requires that you be out of the edit mode and merely have the object selected. AFAIK, this has always been the case, though I haven't been here since the very beginning.

It took me a while to figure this out because I kept thinking of the text drawing tool like a work processing app. It's not; it's an app for placing objects: Don't  double-clicking the existing text and highlight it like you would in a word processing apps. Instead, just select the block of text as you would any other object. This will pop up the dialog near the screen menu where you can now change the font and color.