Lyrics are tied to the note position. If you move the note, the text moves with it. The spacing between notes is adjusted to make the lyrics fit.

Lyrics are available in the Other section on the Symbols tab. You can insert this type of text only on the note layer.

You can import lyrics from karaoke MIDI files and edit them. For this to work, Import Karaoke Lyrics as Text must be activated in the Preferences dialog (MIDIMIDI File page).