Search and Edit Lyrics is the feature I wanted too.
But it is only available in Chinese version.
However you can use LrcJaeger app. It is wonderful. It downloads lyrics for all the songs in mobile automatically.
https://play.google.com/store/ap ... lrcjaeger&hl=en

You can also use some third party app.
I use GOM Audio from Play store.
https://play.google.com/store/apps/details?id=com.gomtv.gomaudio

Default music player is capable of showing synced lyrics. For that you need to put .lrc file in the same folder with the same name as your mp3 file. Eg. if you have abc.mp3 in some folder, you need to have abc.lrc in the same folder.

Lrc files have lyrics plus time stamp information. Now, either you can use Lrc creater on desktop pc and pass to the mobile or you can use "LrcJaeger " app which downloads Lrc files automatically for each corresponding music file. But tag info like artist, album, title, etc. should be correct. You can edit the tag in default music app before running LrcJaeger.

Chinese version of default mp3 player downloads album art and .lrc files automatically which is missing in the global version.