What? Krita had proper color space handling and conversions for many years, probably a decade now.

GIMP is the one that's still missing proper colorspace handling, especially regarding CMYK.

And Krita has had vector layers with text support for quite a while as well.

I thought CMYK was part of the 3.0 release?

Partial CMYK support, yes. Comparable to e.g. Inkscape. That means it's actually doing RGB under the hood and converting to/from CMYK on the fly as needed.

But not proper native support for CMYK and spot colors as you might know from Adobe or Krita, where everything internally tracks CMYK data throughout.

If you're working with text in an image, you'll have a vastly better experience using Inkscape.