The lyrics track is a fantastic feature introduced in Studio One v6. But currently, the only way to navigate it, is by opening the Lyrics Display window and click on lyrics text to navigate to that particular part of the song.
The navigation in lyrics track would be much more improved if there were commands to go to next/previous line and next/previous paragraphs in the song, especially when assigned keyboard shortcuts. Kinda similar to how you can go to next/previous markers in the marker track and next/previous sections in the arranger track with commands and hotkeys.