See this bug post in regular forum:
https://community.adobe.com/t5/premiere-pro-bugs/issues-creating-new-text-overlay-in-premiere-beta/i...
From my post there:
Build 7 is now up. When I update, I start with Shift+open PR, and reset preferences and cache. And I create a new project.
The text tool is not working: Click and type or Click+drag and type. The keystrokes execute as shortcuts. The Properties panel does not adjust to be the text item. The history panel shows no text creation - just whatever shortcut (e.g. typing I adds an in-point in the sequence).
Clicking the Text tool or hitting T does select the text tool, and it shows in the Program monitor. Click+drag does create a bounding box. Typing anything immediately executes a shortcut.
System info
Application: Premiere Pro (Beta) v25.1.0.7
OS: Windows v10.0.19045, RAM: 63.80 GB GB, CPUs (logical): 16