Wow this does so well on text! The original model struggled a lot, it's impressive to see how far they've come.
> a photograph of raccoon in the woods holding a sign that says "I will eat your trash"
A photograph of an English professor in the woods holding a sign that says "I will eat your trash"
From that - I would strongly suspect the answer to your question to be yes.
EDIT: According to the figure in the Imagen paper FL33TW00D's response referred me to, it looks like the text encoder size is the biggest factor in the improved model performance all-around.