Is it possible to change the text visually?

Yes! Both of these ideas are on the roadmap:
– https://github.com/getblocklab/block-lab/issues/20
– https://github.com/getblocklab/block-lab/issues/32

A Richtext field is need for sure, but I’m not sure that’s what the OP meant. I read it as… can we have the ability to have individual simple text fields toggle between preview and edit on focus rather than toggling the entire block on focus. And taking it a step further… retain the styling when editing said text. So if you have a simple 1 line text field for a header and it’s output style is 36pt blue text it would still be 36pt blue text when editing. Like a “real” Gutenberg block.