Hardware acceleration of rendering is more energy-efficient and less resource intensive than CPU-based software rendering.
They will render text to a bitmap using HTML canvas and then use that as a texture for GPU.
GPU will be compositing those bitmaps, it won't actually be rendering text.
I've written a OpenGL engine for a university course that use partial frame updates to reduce the number of redraws per frame.
IIRC the partial rerender variant was about 3 times faster than the full render.