It can't creat text but you can use text created from any photo editing program like Corel, photoshop, or "Gimp" which is a free photo editing app.
You can animate the text in vision lab.
Scale up or down.
Rotate in any direction.
Place text and move it around in any direction. up, down, side to side.
You can even stretch it out.
It gives text an almost 3d effect.
You can do this with any video that is placed in the time line.