It may be a corrupted text layer. Try making a new text layer from scratch. Also, don’t use the transform tool to size or move it. That can cause issue with the text layer internally. Instead, type in the text size to size it and use the move tool to move it.

When you create the new text layer, you can copy and paste the payer style from the old text layer. Right click the old text layer and select copy layer style. Then right click on the new text layer and select paste layer style.

If you want to send me the PSD then I can look at it. But I’m pretty sure the text layer itself it the issue.