Yes, I've used it to add titles text to my video. I also didn't find it at first look. I don't have VP running here at the moment but look in the help files and in the menus for the word title. It works fine for what it is.
I think from memory you click on the small star shaped icon that is shown at the start of each of the clips in your project time-line. Four items are there for selection, including text. Check the text box, then click on the word text and it will open up a text input/edit screen, including font size colour etc selection.
This adds a text title to the whole of the clip. I wanted text to come up and stay for about five seconds, so I snipped the clip at five seconds in and added text to the first part, and added a cross-fade between the first and second parts, i.e. across the snipped boundary. Works a treat.
Hope that helps.
Bruce