Before I upgraded to CS4 I was using premiere cs 1.5, and the titler behaved differently:
in cs 1.5:
each title is saved as a different file
you can cancel out of the titler and abort any changes
you can create new title from within the titler, just use "save as" to create a new title file
In CS4 it seems titles are saved as internal format. There are no save options.
Is it still possible to cancel out of the titler after I made some changes that I don't want to keep?
You can make 32 undo's or look for an Auto Save that has no changes or a bit drastic: Revert the entire project.