The most used block, the block for simple text, and more.
You can copy-paste content to this block, and it will take formatting from the source (if has proper HTML formatting), and it supports paragraph text, headings, links, and more.
Text options
When you select text you will see many text options you can use
Text (Writer) block Settings
This block has additional settings, which you can open by clicking on the Pencil icon in the block options. You can change text alignment, size, and more.
Check out some of the text possibilities on this demo page