I have text and arrows that I have drawn into my map in data view, using the drawing tool bar. I am often working in a fixed map scale, meaning when in layout view if I see text that needs to be adjusted I have to: go back into data view, pan over to the text, adjust it, and then go back to data view and pan back. I specifically DO NOT want to draw these items into layout for a wide range of reasons.
I can of course make my scale adjustable, never zoom in, and use the back arrow to readjust the view. There are lots of little tricks that help but if there is a tool that allows me to adjust the text in data view from layout view it'd save me a lot of time.
If this tool is part of some obscure extension that is okay I just want to know if it exists.
I am using ArcMap 10.5
As JR said the solution is to just double click the layout view window and it will let you move the text around without having to switch views.