I am new to this but already played around with After Effects quite a bit. I have 2 text editing questions for a project of a song tutorial, including lyrics and chords.
1. I need a fixed text window, where I can change the lyrics after a few seconds, whenever they are sung, but so that they always appear at the same place.
2. I love the Instagram lyrics function, where the lycrics litterally appear when the word is song. Do you guys know, if there is an Adobe Function of text recognition, that sets the text to a time line?
Paragraph text can give you option 1.) and for 2.) there is any number of scripts e.g. on AEScripts.com that can create subtitles. however, none of this works like on Instagram or whatever you fancy. You have to put in manual work or base it off data e.g. exported from Excel to CSV with all the relevant timecodes and texts and animate it accordingly. In any case, I would suggest you read the online help and find a few tutorials explaining some of this stuff.
As Mylenium says, there's nothing that can do this automatically. I've created a script which imports karaoke subtitles with lot of options for how they are animated, but you'll still need to use software like Aegisub to mark up the lyrics and timings to create the SSA file that Karaoke Animator imports.