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The text is visible - it has the Visible attribute set. However, it is not exposed. Unfortunately, there is no IsExposed() method, and Click() is the only method that checks whether the object is exposed (assuming OPT_VERIFY_EXPOSED is TRUE).
There is an undocumented function which could help in this instance:
WINDOW w = WindowFind ("^")
It should return the window identifier of the active object under the cursor. You could call text.MoveMouse() and then WindowFind("^") and check that the return value is the text.