I don't think it's possible to react to text being changed. What do you need this for?
You could maybe workaround this by listening for label redraws:
var previous_text = ""
func _draw():
if previous_text != text:
print("Text changed: ", text)
If you want to trigger something exactly when the text changes, you'll have to do it differently with a custom property or function, instead of relying directly on text
.