The Text node was created to allow simple text to be sent into other nodes, primarily Prompt Template, Video Timeline, Concatenate Text, and the Generate Prompt nodes. Wherever text may be used, the Text node will allow you to hardcode the text or provide it as a Workflow input. Please note that while you may connect a Text node into an Edit or Create node as a prompt, you cannot connect a Prompt node into nodes that require text, like Concatenate Text or into the text inputs of the Video Timeline.
The Text Node is a basic node, so there are no other parameters other than adding text to the array of the node.