"Text Editor" does not have a menu bar with settings but at least it could have a button to open the Preferences dialog (Text category selected) due to most of the options in the Preferences for Text are related to Text Editor such as "Text Editor Font Size".
This button would be a shortcut to Preferences.
User preference shortcuts are not common in MicroStation.
OK. I have found it. Right click on the content in the Text Editor and "Editor Preferences" (in the context menu).
Although I think it would be better a button in the menu bar.