"Templates" dialog has the option in the menu: Update Selected Elements
I think that Text Style dialog should also have "Update Selected Elements"
And Dimension Style dialog should also have "Update Selected Elements" especially when we can add a text or dimension from an unsaved style and then we want that the text or dimesion has applied the same style but saved style.
https://communities.bentley.com/products/microstation/w/microstation__wiki/21417/matching-element-attributes
I am not shure what you try to achieve. If you want to activate the settings of a existing text/dimension you should assign "match element fromcursor" to the button combination "Alt+Datapoint" (in File>Settings>Button Assignments)