Just discovered a very easy way to create animated text and thought I'd share--just add a Linear Wipe transition to your Title and Text event. Here's a screen grab of my timeline.
Its a neat idea. I find Titles & Text is perfectly adequate most of the time for simple titles and captions. It has just two weaknesses in my opinion, one being there is no graphics acceleration so while it has some nice animations of its own they are far too slow to render for live preview. By using an accelerated transition for the animation it does preview smoothly. The other annoyance is that there is no font samples during font selection. I do hope that any future Vegas titler will have an option for a simple caption mode.
Combine this method with importing PSD files created from layers developed in PS or Affinity and one can create some pretty interesting titles. Frankly, using transitions and FX compositing on the Vegas timeline is easier to work with than most complex titlers. The events are easily manipulated for length, etc. Wrap it up as a nested project and it's easy to drop into any timeline.
To get a similar text animation effect, but with a more typing effect, use "Title 04" animation in Title and Text. Set the title duration for the animation (08:00 sec) and extend the title event to the wished show duration. Make sure you hold on last frame. Also very easy to achieve.
result:
For those who want to know how I created the emboss and drop shadow FX, add layer dimensionality FX to the Title event with following settings: