I have free version 9.40, and there is a Lyrics icon beside the Text icon at the right end of the Notations Tab, as well as in the Notations Menu. (And keyboard shortcut "L").
My complaint about Lyrics is that you cannot move the whole line up or down - you have to move each syllable individually, positioning the alignment line to line up with the rest of the syllables/words. And this is even if you have CTRL-Selected every syllable in the line! Why can't there be a CTRL-Click or something to move the whole line as a unit? The way it is makes for a very clumsy procedure. I think this is the major fault with Crescendo. Oh - maybe except for the Metronome being out of sync with the playback.(Although that doesn't bother me too much.)
Otherwise, it's an excellent program.