Annotation: Annotation is one option in ArcGIS for storing text to place on your maps. With annotation, each piece of text * stores its own position, text string, and display properties. Annotation is managed individually, unlike labels, which are managed as a group. This means a user can change the properties of single annotation features including color, font, size, bold, underline, or italics.
Arcade: This is an expression language that was introduced with ArcGIS 10.6 and ArcGIS Pro 2.0. Arcade can be used to create expressions that control labeling and symbology as well as create new informational fields on the fly in the HTML lookup window. Esri continues to work to expand the capabilities of the Arcade expression language ...