diff --git a/packages/excalidraw/components/App.tsx b/packages/excalidraw/components/App.tsx
index bc3604046..a6489ce3b 100644
--- a/packages/excalidraw/components/App.tsx
+++ b/packages/excalidraw/components/App.tsx
@@ -395,6 +395,7 @@ import ShapeSwitch, {
   GENERIC_SWITCHABLE_SHAPES,
   LINEAR_SWITCHABLE_SHAPES,
   shapeSwitchAtom,
+  shapeSwitchFontSizeAtom,
 } from "./ShapeSwitch";
 
 import { activeConfirmDialogAtom } from "./ActiveConfirmDialog";
@@ -4143,6 +4144,18 @@ class App extends React.Component<AppProps, AppState> {
             editorJotaiStore.set(shapeSwitchAtom, {
               type: "panel",
             });
+            if (!editorJotaiStore.get(shapeSwitchFontSizeAtom)) {
+              const boundText = getBoundTextElement(
+                firstElement,
+                this.scene.getNonDeletedElementsMap(),
+              );
+              if (boundText && isGenericSwitchable) {
+                editorJotaiStore.set(shapeSwitchFontSizeAtom, {
+                  fontSize: boundText.fontSize,
+                  elementType: firstElement.type,
+                });
+              }
+            }
           }
         }
 
@@ -4829,7 +4842,26 @@ class App extends React.Component<AppProps, AppState> {
             : firstElement.roundness,
       });
 
-      if (firstElement.boundElements?.some((e) => e.type === "text")) {
+      const boundText = getBoundTextElement(
+        firstElement,
+        this.scene.getNonDeletedElementsMap(),
+      );
+      if (boundText) {
+        if (
+          editorJotaiStore.get(shapeSwitchFontSizeAtom)?.elementType ===
+          tool.type
+        ) {
+          mutateElement(
+            boundText,
+            {
+              fontSize:
+                editorJotaiStore.get(shapeSwitchFontSizeAtom)?.fontSize ??
+                boundText.fontSize,
+            },
+            false,
+          );
+        }
+
         this.startTextEditing({
           sceneX: firstElement.x + firstElement.width / 2,
           sceneY: firstElement.y + firstElement.height / 2,
diff --git a/packages/excalidraw/components/ShapeSwitch.tsx b/packages/excalidraw/components/ShapeSwitch.tsx
index 0ffd4a12c..6444754ee 100644
--- a/packages/excalidraw/components/ShapeSwitch.tsx
+++ b/packages/excalidraw/components/ShapeSwitch.tsx
@@ -45,11 +45,18 @@ export const shapeSwitchAtom = atom<
     }
   | null
 >(null);
+export const shapeSwitchFontSizeAtom = atom<{
+  fontSize: number;
+  elementType: "rectangle" | "diamond" | "ellipse";
+} | null>(null);
 
 const ShapeSwitch = ({ app }: { app: App }) => {
   const [shapeSwitch, setShapeSwitch] = useAtom(shapeSwitchAtom);
+  const [, setShapeSwitchFontSize] = useAtom(shapeSwitchFontSizeAtom);
 
+  // clear if not active
   if (!shapeSwitch) {
+    setShapeSwitchFontSize(null);
     return null;
   }
 
@@ -59,24 +66,29 @@ const ShapeSwitch = ({ app }: { app: App }) => {
   );
   const firstElement = selectedElements[0];
 
-  if (shapeSwitch.type === "hint" && firstElement.id !== shapeSwitch.id) {
+  const isSingleSelected = firstElement && selectedElements.length === 1;
+
+  // clear if hint target no longer matches
+  if (shapeSwitch.type === "hint" && firstElement?.id !== shapeSwitch.id) {
     setShapeSwitch(null);
     return null;
   }
 
-  if (firstElement && selectedElements.length === 1) {
-    switch (shapeSwitch.type) {
-      case "hint":
-        return <Hint app={app} element={firstElement} />;
-      case "panel":
-        return <Panel app={app} element={firstElement} />;
-      default:
-        return null;
-    }
+  if (!isSingleSelected) {
+    setShapeSwitch(null);
+    return null;
   }
 
-  setShapeSwitch(null);
-  return null;
+  const props = { app, element: firstElement };
+
+  switch (shapeSwitch.type) {
+    case "hint":
+      return <Hint {...props} />;
+    case "panel":
+      return <Panel {...props} />;
+    default:
+      return null;
+  }
 };
 
 const Hint = ({ app, element }: { app: App; element: ExcalidrawElement }) => {