Hi
Keep it simple. A project like this can be done on two tracks. Clips and images on Track 1 and texts (if they need to be superimposed and separate on Track 2. If texts need to be separate and stand-alone create them using full background in the text editor and treat them like the images in Track 1. Edit the clips on the track and close gaps as you go. Image duration can be adjusted on the track by grabbing them at the join and pulling out the ends to extend or shorten them. Clips can be edited by splitting and removing unwanted portions or by using IN/OUT controls in the preview screens. There are numerous ways to do this.
If you want to make things more complex the images could be placed on Track 2 so they overlay (cover up) the clips on Track 1 and texts could be placed and positioned on Track 3. It's your choice. but overall my advice is to Keep It Simple.
Nat