I supose I would normally expect you to use PowerPoint when doing things like this. Screen Monkey has evolved out of being multi-format playback software.
As you say, creating many clips and linking them together is the only way to do this at the moment. The process is simplified slightly by using spaces.
I will add this as a feature request for the next version.
To avoid setting the text size and colour for each clip individually you can copy and paste clips.