I am using Cadence 5141 version.
When we instantiate a device using Virtuoso XLthe device will get the corresponding name from Schematic.
And that will lookk like : "|M12.2" or "|C1" or "|R44<7>"
These will be displayed in text layer but we cannot select them or edit them, but if we select the property of the device these instance names will be taken from a field called "Name:"
And we can only edit the name but we cannot change the size of that displayed text.
Hope you get my requirement.