Digital Light & Color

Hello. New image; use paint tool to make entire image blue. Open Text tool & apply text. OOPS! a word is misspelled. Open paint tool to erase misspelled word | settings | Reload last settings to retrieve color. This does load settings and last color to paint tool but it also applies the paint! So in this case it paints over entire image, including the added text, with the last selected color. Did not expect load settings to apply the paint action!
Compare - the text tool - when you reload last settings you get the font, color and the last text is in the text box. But this tool does not apply the old text. You have an opportunity to change the text, first.

The settings include everything you did from when you started the transformation until you clicked OK.

The text transformation does apply the old text when you reload settings.

Bear in mind that only when you click OK do the current settings get recorded as the last settings.

You can undo all the paint strokes if you want to just set the color.

Same with Text, you can replace the text and the old text on the output image gets replaced by the new text.