EDIT: after spending hours trying to figure it out, I found the answer the second after I posted here.
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The Peak theme came with two pre-populated Footer Widgets.
I was able to add 2 more via Elements-Layout
But how do I actually add text into them?
Under Appearance – Widgets, they appear empty and there is no “edit” function
The pre-populated ones have a “text” drop-down
I searched the forum, and the help documentation only shows how to change total of the widgets on an individual page.