In the variables tab you are able to create a variable of type "Text". Currently however it seems like it is not possible to link the value from this variable type to an actual text element.
It would be nice to add a "By Element" constraint to a text element and feed its data from the variable, or in the Text Editor add an option "From variable" to the "Select Field Type" dropdown.

It seems like a nice addition to the Variables/Variations as it allows the user to create and automaticalle update a head/guiding text based on which variation is currently select for an object.