When trying to use the current online documentation for using the FMV tools in ArcGIS Pro 2.8 I wasn't able to find the correct info on configuring and using the Create & Display Annotation tool. Through Esri Support I learned about Options section and the Customize Quick Launch tools. An idea is to update the online documentation to make it easier for users figure out how to configure the FMV tools without having to go through Esri support.
Note: Documentation was found online. sorry for this post. Please delete this post.