We’re adding the ability to paste inline images into the Text web part so that images can be closer to text and so that text can wrap around images.We’re also addressing feedback to reduce line spacing in text. This message is associated with Microsoft 365 Roadmap ID 85584
When this will happen:
We expect to begin this rollout to Targeted Release customers starting in mid to late September and expect to complete the rollout to all customers by early October.
How this will affect your organization:
Authors of SharePoint pages and news will be able to paste images into the Text web part and align the images to the left, right, or center with text wrapping.
We’re also addressing feedback on the text line spacing by reducing the line spacing size between header and body text, and in between bullets points.
Source: New Feature: Improvements to the Text web part for SharePoint pages and news – M365 Admin