I must be mistaken then, I thought the OP was referring to this issue:
Preview Text Annotation
From there
It seems that the flow of adding text annotations to pdf files on preview has changed on Yosemite. Instead of allowing the user to place a text box with the cursor and then begin editing, the behavior has been updated with placing the textbox automatically
Or this thread
The Markup Extension in Preview
From that thread
Now when you want to draw a text box, you have to click the text box button, which puts a placeholder box in the center of the page. You can then start typing, and then you have to put the box where it should go. To type another one, you have to click the toolbar text box button again. Same with arrows, you click the button and it puts an arrow right in the center of the screen. Then you have to move it and resize it to fit where it is supposed to be.
FWIW, I cannot do this "then click your document where you want to place a text box" on My Preview (see this clip from Apple)
Mac Basics: Preview app views and edits images and PDFs - Apple Support
Use the Text tool to add text to your image. Select the text tool, then click your document where you want to place a text box. You can then type text in the text box.