The menu entry "Create style" appears not to do anything.
Since it doesn't have tripple dots ("create style ...") which in mac OS informs about following options window (for instance to define the new style), I would assume this command does anything immediately, at least related to my momentary selection, either frame or text.
In case there is an action going on I, sorry, can't see it; I would expect a new occurence in the style panel at least.