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In this video, the tutorial covers the Place Note tool located in the Annotate tab under the Notes group. The focus is on the Place Note option, which is a hybrid element incorporating both dimensions and text. The tool settings window provides options for text rotation, location, start at, horizontal attachment, and various icons. The tutorial demonstrates how to use these settings, including how to insert text, specifically typing in "wire mesh." Additionally, it mentions the availability of the dimension styles dialog and text editor for customizing styles.