Click the Advanced Settings button in the Adjust Lyrics Screen. You will find the "Adjust amount:" field where you can change how much (to 0.01 seconds resolution) you will move the highlight start or ending with each < or > click.
The factory default I believe is set to 0.20 (200 milliseconds or 1/5th a second). If this is too much for you, change it.
We don't use a graphical waveform as this will actually cause you to create an edit that is out of sync with the rest of the song when you apply the Advance Offset: amount to remove your human response time, and move all the lyrics to appear early to cue the singer. Once you understand the adjusting, it will be more natural.
