You can create multiple watermark presets. I suggest creating a light one and a dark one and then choosing based on the image. The one feature I absolutely adore about PhotoLab’s watermarking is that it’s an edit-time operation. Lightroom makes you choose one preset for an entire batch of exports and you don’t really see the result until they’re done.
For my purposes, I found the text option limiting, so have baked my watermarks into PNG files. I have a white one with a subtle black shadow, which addresses the point @KeithRJ made. My black one has a subtle white glow for the same reason.
The other ‘trick’ I use is that my PNGs have a built-in margin. The reason this is useful is because PL’s margins reset to zero each time you move the watermark to a different location, which I do often to place it on a clean-ish background.