You may have added the preset at an incorrect point on the text layer?
The preset adds keyframes to the text layer at the current time indicator, animating the Range Selector in a group called "Evaporate Animator" to offset the value of Scale/Opacity/Blur
Moving the keyframes to the start & end time that you want may give you what you're looking for.
I don't think there is any colour change in that preset.
ive solved my own problem, so ill write the solution here for anyone else who may have this beginner problem-
the marker has to be at the point on the layer you want the preset effect to start. so like this:
then you have to double click the preset- you cant drag and drop as some tutorials say.
this will give you a white bar (the one i thought was an error) on mine it stayed white as i had the bar at the end of the layer, not the beginning as shown above.
then you should be able to scroll through on the timeline and see your effect.
thank you for replying! this was the problem. that and dragging and dropping the preset which just had no effect, instead of double clicking the preset once the layer was selected in the proper place.