Depending on what kind of text, you can have a sensor entity with a text state, no different than the float. In fact, sensor states are always strings in HA. The key issue to watch out for is the 255-character (I believe) limit on the length of a state string.
Thank you to all. I had miss understood the documentation which only gives example for sensor and binary_sensor. I guess this is because those two (unlike others) are DYNAMICALLY created (i.e. no need to manually create a helper for those using HA GUI)