If a button is still active in the toolbar, press it again so that no tool is active.
Tap anywhere on the annotation to open the related menu.
Press "Properties..." to open a window with the properties (color, font, etc.).
Tip for Chord Annotations:
If you customize a chord annotation this way (color, size, etc.), all other chord annotations in the same song will also adopt the same appearance.
Also, chord annotations added later will adopt this setting.
Handwritten annotations can also be corrected later with the eraser.