Doesn't really answer the question. Currently annotation feature classes are read-only in Pro. Graphic text is a layout only thing. Labels are labels same as they have always been. There is no graphic text element for the map right now like on the ArcMap dataframe or map. There is a good case for it, you might want to add a piece of text in geographic space that appears in all the layouts you have, à la "there be dragons here". In my business I want everything store in the database for persistence of the data so annotations are the best unless I start putting the mapx or aprx into the database too.
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