I've rebuilt this particular title and if you'd be interested, you can download it (free) from this page:
https://fcpxtemplates.com/downloads. (Among others...)
Comparing the two versions:
Original:
Fixed Rectangle size
If you accidentally drag the text away from its position, it is misaligned with the rectangle. The only
practical way of getting it back is to start over with a new copy of the Title.
Cannot be placed in any other location of the screen.
You cannot fill the text (from the Title itself).
Only designed to work in 16:9 or 4:3 aspect ratios.
Replacement: (Sliding Panel - SC)
You can place the text anywhere on the screen by clicking and dragging the text to a new position.
Rectangle background automatically "follows" text.
Rectangle has a "padding v" option (vertical padding). Trim down or fatten it up.
Rectangle automatically matches any font used (depending on how the fonts are designed*.)
Optional "drift" control (it can be turned off or increased slightly - will help when lengthening the Title's time)
Lowercase or Uppercase text — All Caps option included.
Text Fill/Color options included.
Designed to support "social media" video sizes up to cinematic layouts (but you have to place the text where
you want or need it — it defaults near center screen)
Similar parameter layout:

*Of all the fonts I have installed, there's one called "Channel" that goes way over the Ascent and Descent boundaries. This Title will still handle it with the extra Padding V option available.