In movie studio platinum, I click on edit generated media and change the location to "bottom center" and there is no apply button and the location change is not reflected in the movie.
If you are, then it only affects where the Location coordinates are anchored to. If the text is not being animated, changing the Anchor Point will not change the position of the text on the screen. To do this, you must change the Location coordinates, or use your mouse to drag the text box on the Video Preview window.