It will read just fine. But no, I would not recommend it. But much rather that than a multi-megabyte one-liner.
One time. Per site. On slow and/or expensive mobile connection?
The png will also display without the custom font...
Png has poor screen reader support, though it can be amended via an alt tag, I suppose. [ed: but breaks copy and paste, which might be bad for an about page listing address and contact information - personally I'd much prefer fallback font to a png].
It's a shame there are no "bandwidth" queries in css, like there are @media queries - the client should be able to say - just content and essential downloads, please.
Re:Should you self-host Google Fonts?
by tunetheweb on Sunday February 23, 2020 @08:20AM
(#22396714)
They’ve been proposed!: https://drafts.csswg.org/mediaqueries-5/#prefers-reduced-dat...
You can already do this with JavaScript now: https://developer.mozilla.org/en-US/docs/Web/API/NetworkInfo... though as you can see from the bottom of that link, Browser support is limited at the moment (and experimental so may even be removed/changed!).
Fwiw I don't really think a one-time large font download is much of a problem - considering that improved typography is a very good way to improve how a site looks. And unlike your png - the text will display without the custom font. Fall-back fonts are only really a problem with icon font sets.