WABetaInfo says that the latest beta version of the messaging app (v126.96.36.199) comes with a new text editor that can be used to add text to an image sent to a contact or as a status update. The app could already do this, but the most recent update added many new features and ways to edit text.
WhatsApp used only to have a few font faces, but now it has at least seven. These font faces are Calistoga, Courier Prime, Damion, Exo 2, and Morning Breeze. You can choose from the options in a strip just above the keyboard. This is a much better way to change fonts than the current method, which requires you to keep tapping the same button. Some font faces look much like those you can choose from on Instagram.
In situations with much contrast, the latest beta also lets you change the color of the text background. You can also use this option creatively, such as making some text stand out. In this version of WhatsApp, you can also align text to the left, right, or center, just like in a word processor. Up until now, the second choice was the only one.
WABetaInfo says the new text editor is rolled out in stages to beta testers. You might not see it on your Android device for a while. But this feature in the latest beta makes it seem likely to be added to the stable version of the app soon.