Is the ability to add free text into the map still in the pipeline a la this post from 2019:
Dealing with annotation layers is cumbersome (I pull out my hair enough as it is) and time wasting overkill for my purposes, I just want to be able to drop 'dumb' free text graphics into the data view like with ArcMap.
What version of Pro are you using? This is definitely possible.
Add a Graphics Layer, then use the built-in tools to add text wherever you like.