This modifier lets you align your text, add bullets, change spacing, change how your text wraps, and more. It is called a Paragraph Style modifier because it affects the way individual paragraphs appear, rather than things like font, font size, underlines and so on.
Note: Paragraphs are the parts of your text that is separated by carriage returns (Enter).
See the Character style modifier to adjust formatting of individual characters, including text color, font-family, font-size and font-style.
See the article on Static text formatting to see how you can style your text if you don't care about more advanced features available when using modifiers.
When to use it
You should use the paragraph style modifier when you want to change the look and feel of your text in a consistent way. It is also a great tool if you want to dynamically style your text according to some criteria, e.g. to ensure that every paragraph except the first gets a bullet. If you just want to make some quick, static changes to your text, consider whether you should use Static text formatting instead.
What can you change
This section lets you select text alignment (left, center, right). You can also decide whether your text should wrap when it is too large for its container and you can chose your desired indentation level. The indentation level specifies how much spacing that should be inserted between the left edge of your paragraph and the edge of its container.
You can also affect text alignment by using the Alignment modifier and changing the horizontal alignment. For text, it will not make any difference which one you decide to use. The difference is that the Paragraph style text-alignment will just affect alignment of text, while the horizontal alignment in the Alignment modifier is capable of aligning other types of content too (e.g. graphics).
Here you can decide whether you want bullets for your paragraphs, what kind of bullet you want and the spacing between the bullet and the start of your text.