Is there any way to have Featured Text, as opposed to Featured Image?

I use the excerpt for this, as this is exactly what custom excerpt is for. The (custom/manual) excerpt could have been named “featured text”, because that is also what it is.

This excerpt is not to be confused with an automatic excerpt production. This excerpt will be drawn form the x first word of the content, when the manual excerpt is empty.

To find the excerpt text box, enable it under Screen options on the edit page.

The ensure your theme is actually displaying the excerpt on archive pages.

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