I have a longer text and just want to make one word bold. How is that meant to be done? The tool always adds the style to the parent paragraph.
Hei @swf
Use the inline inspector to do this - select the word and click the bold button:
ah, thanks Teodor. I had to click a few time to show it up. Works, thanks.
Yes, you have to double click to enable inline text editing. Then select/highlight the part you want to modify and use the tools that appear 
Got to get used to how to work like this