Yes, it is entirely feasible to handle both symbology and annotation for your water pipelines network within ArcGIS Pro, eliminating the need for third-party software like MS Visio. Initially, you would utilize ArcGIS Pro's labeling features to add automatic labels to your pipeline features based on attribute data. These labels can then be customized for clarity and readability. For more control and customization, you can convert these labels into annotations, allowing for individual editing, such as repositioning, altering text properties, or adding graphic elements. This conversion is done through the "Convert Labels to Annotation" feature found under the Map tab. ArcGIS Pro also supports advanced annotation editing, including adding leader lines or changing background symbols for enhanced map clarity.
