Hi Rub,
1. If you are using lite version, you can change it from wmljs.js under wp-masonry-layout/js. There you can replace the Loading… and Load More text.
2. Ya, you won’t be able to change any settings there. However, you post with keep on showing as per the layout & settings you have setupped.
3. To remove this text, you can use this css. .wmle_post_excerpt{display:none !important;}