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Well, you can add styles and call it H1...(Styles pull-down in the ruler bar), but you can't alter it globally like you could in MSWord. Visio kind of does it, if you consistently use document stencil objects.

Neither the text inspector nor the font palette gives you access to styles, so changing a style requires selecting the text with the text tool.

(imho, the style feature in the ruler bar feels like a bandaid. As if the code which creates the inspector is too difficult to add a styles feature. It's pretty common in the industry to have a really cool feature in an app that is too expensive to update. It's also very possible that the engineer that coded the inspector is no longer working in that capacity and no one else want's to endanger the app's stability by mucking around with it. That's the case with 90% of Visio features)