You get this box, which overlays canvas, as soon as you click on canvas with the Text Tool. It allows you to edit text directly on canvas.

Apart from the usual text formatting features like font family, style and size selectors you get numeric control over baseline offset and kerning, as well as the ability to change text color for a selection.

Help pop-ups are self-explanatory.

You can also use Alt+Arrow keys to change baseline offset and kerning.