Adobe Illustrator. Unless it is outlined or you don’t own the font.
It's an AI file that I'm opening in illustrator. I got the file from adobe stock and I don't understand how to edit the text.
Is it actually text? In an unlocked layer? Maybe it’s outlined.
I want to edit the text in this file.
Please click the arrow that reveals the contents of the Text layer and attach a screenshot of that.
That is a Stock image. Most probably there is no text in it. It has been converting to paths.
What happens when you select the text, for instance, the arched text? Is it live ( you see a text line )? Command / Control Y ( outline view ) > select all > for the text, do you see anchor points? If you do, the text has been converted to outlines. You will have to create your own using similar fonts or something completely different, depending on your design ideas.