No, there is no text-edge property.
You can change the background color ('BackgroundColor') of the rectangle that frames the text object and the text color ('Color') but the text does not have a separate edge property.
You might be able to find a font that has a black border and white interior or something like that (example).
You can kind of get a text-edge effect by plotting the same exact text twice and....
- use bold font weight with the first and normal font weight with the second
- use a fixed-width font to preserve the letter spacing
- use identical font size, text position, and text alignment
but that's the closest you can get without converting text to patch objects or using some other non-text function.
arch = ['Stand away, fellow,',newline,'from my diagram!'];
text(.2, .5, arch, 'Color', 'b', 'FontName', 'Consolas', 'FontSize', 18, 'FontWeight', 'bold');
text(.2, .5, arch, 'Color', 'r', 'FontName', 'Consolas', 'FontSize', 18);