Letter Spacing and Sizing In Rich Content Element

Is there a way to adjust font size and letter spacing of paragraph text within a Rich Content element.

I tried setting a different font sizes to all three paragraph styles in Site Style > Typography menu but none impacted the font size of paragraphs within a Rich Content element.

I searched for ways to use Velo to modify paragraph style in a Rich Content element but couldn’t find anything.

Does anyone know of a way to adjust font size and letter spacing of paragraph text within a Rich Content element?