Yes, that's right! The only way I know how to do colored text like that is by putting in a new textbox and dragging it over the other one.
Most of the premade memes had 3 text lines (top and bottom plus one for color). The Star Wars one already had the words on it because it was a saved image from a meme I made last year, so I just needed 2 new text lines (one to put in the colored title, and one to put a period on the end of the bottom caption to make the punctuation consistent with the other memes in the chain).
Then when I was making the meme chain itself, I put in 3 new text lines up top and bottom, for the captions and colors (3 for Shrek, 3 for Y U No guy).
So all the memes in the chain together have either 17 or 19 text lines (depending on whether you count the text lines for the original Star Wars meme I made months ago or not).
But because of the way I did it, making the 4 middle memes first then saving them, the last generated version only has 6 new text lines.
Haha that's probably way more information than you wanted lol!