1) If you want, the text can be placed in 1 Text element, but do not use HTML tags there.
2) No, via the browser console, paragraphs can be seen still https://prnt.sc/w15mdj
3) Here all fine also, but if you are using paragraph tag, font-size are taken from Theme Options.
I’ve edited the content of the page – 1 Text element without paragraphs and font size can be changed via settings of the element – https://gyazo.com/a5c7bdf8583b11346b3d720a465e92c7 You can check it now.
Regards