Maybe you could use a Viewport, draw the text in there, and then use the Viewport texture? I'm not sure if it would be better for performance or not, but that's how I'd look at taking a Label and render it into a texture.
Edit: I also think I remember reading that there was improvements to sprite caching, I think, that helped improve text performance. I think I saw it on a Tweet. I'll go see if I can find it and will edit this post if I do.
Edit 2: Found it! I was thinking about sprite batching, which was added in 3.2.4 it seems.
Godot blog post
Lawnjelly (developer who worked on it) Tweet
* GameFromScratch post mentioning the feature
I have no idea if its on by default or not, but if its not on by default than maybe it would improve performance a bit?