Open the text effect you wish to use. In the layers panel there is 1 layer called "YOUR TEXT HERE (Double-click the layer thumbnail)", Double click the
layer thumbnail or right click on the layer and select "Edit Contents". A message will appear, click "OK". A new window will open, replace the text
with your own or use a different font and then close the window, a message will appear asking if you want to save, click "Yes" and you are done!
It also works with vector shapes, logos etc.