Two questions really
1) Can I apply a text effect like wave 1 to a text field i`ve already created
2) When I insert a text effect it asks to edit the text - double click here, etc. Ok fine, I can change the content but not size or colour
I noticed this problem a few days ago, too. This used to work with Website Maker 3 but not with Website Maker 4 anymore. It seems to be a bug. It was already reported to Magix and I hope that they will fix it soon.
In the meantime you might use a normal text-field and animate it by the "animation"-button. This works, but there are not really the same possiblities like with the effect-feature...