[ORD 2021 R2] Developing Annotation, labels, etc.?

I am watching the LEARN training for Create a Text Favorite, and I see them place a text field. The field choices they have for this look like:

What I see in my drawing looks like this:

I'm not certain what I am missing, or how to access it.

But I have a lot of questions about this portion. I hate to say anything like this, but in Civil 3D, creating a new label style is pretty easy to do on the fly. I can make a copy of an existing label style, edit whatever I want to change, and use it immediately.  This appears to be a LOT more complex than that, and I'm not thrilled. It means a LOT more overhead, to try to think of as many as I can ahead of time, as well as trying to teach everyone this process.