I'm using the Text Favorite that came with the software, see image bellow (manage annotations dialog). I didn't need to create a new text favorite. The image highlighted profile annotation Text Favorites comes standard as part of delivered Annotation Definitions. I'm experiencing the same challenge with all the Text Favorites and Annotation Definitions for showing profile information on plan.
OK. I experienced something similar, but while working in our own Workspace. It was believed to be the fact that our DGNLIb (where the Text Favorites were stored) was old and needed to be updated. I don't believe that's the same issue that you are experiencing.
If you create a new text favorite that uses a Field Sub Type of Profile Annotation.Point Station it can be applied as shown in the image.