If one types a long watermark it will not resize and instead be cut off.
Yes, I don’t think there are any settings for the size, font or other attribute of the watermark. However there are plenty of other utilities that will add a watermark to PDFs or print.
Engrave > Font Styles > Print Watermark Font.
Set it to whatever you like.
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Thanks, I think it would be good to have these settings in the print section under the watermark (especially if it is an option that is only visible in engrave 
). It is really painful to switch between engrave and print (and scroll) to the preview to see how the change looks.
Also would be neat to have an auto-size checkbox so the watermark gets resized to fill but not overflow the page automatically.
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+1 to all of this.