Final answer:
Yes, shrink font and grow font functions are used to change the size of fonts in text editing software. These options can typically be found in the software's formatting toolbar.
Step-by-step explanation:
The statement that shrink font or grow font are used to change the font size of selected text is true. These are common features in word processors and text editing software that allow users to directly change the size of the font for better readability or emphasis. You can typically find these options in the formatting toolbar, and they might be represented by icons with 'A' symbols that have arrows pointing inward to shrink, or outward to grow, the font size.