I’d like to add an Image (Logo) widget to the bottom Footer area where the text “This text can be changed from the Miscellaneous section of the settings page.” is located.
This does not seem to be any of the Footer areas available in the Widgets menu.
Is it possible?
That is not a widget area but a simple input where text (and basic HTML) can be entered.
You can insert a logo there by entering the necessary HTML code for the image.