I've been noticing some quirky behaviour from the Element pane of ArcGIS Pro 1.2 Beta.
As an example try the following:
Open ArcGIS Pro 1.2 Beta
Create a New Project using the Map.aptx template. I called mine "test" and placed it in "C:\Temp"
INSERT a New Layout. I chose A3 from the ISO - Portrait category.
INSERT a Rectangle Text element
In the Element pane under Properties and General, highlight and overwrite the Name from "Text" to "NewText"
The text in the Rectangle Text element on the Layout changes to "NewTextText" - I don't think it should change at all because all I am trying to change is the Name property of the element and not its Text property