To insert text you just need to type it in the Content field or in the Sub Title field. You do not need to format the text here unless you want to apply any other formatting than the default formatting of your site. You can as well paste text from some other text document - in this case it is recommended to use Remove Formatting.
If you type desired a web link or an e-mail it will be automatically transformed to a hyperlink. If you have pasted text to content control you can position mouse at the end of the text of the desired link and hit the Space bar.