I'm afraid not.
As you are limited to what you can do with text in paint, it shouldn't be too much hardship to repeat the text settings each time.

Try this for a another free method:

Open Microsoft Word > Pick a font and size you require and of course your wording > When you have finished typing, Edit > Select all (or simply left click and highlight the full wording) > Copy

Now open Paint > Open your required photo > Edit > Paste (or right click Paste) > Click on the bottom icon in the tool bar, this makes the background around the text transparent.

Use your mouse to position the text wherever you want it > Click anywhere out of the selected area > Save as > Jpeg.

You now have your photo and text as you want it.

or

Try this link . . . . >> Free watermark tool

Simply browse for your photo > Upload > Select your preferences > Generate your watermark.

In the watermarked image > Click to see full size > Right click > Save image as.

Have fun