There has been a change in behaviour of the text effect between 36.1 and 37.4.
Open an image in edit mode, select the text effect and the image will have 'Your Text!' overlaid.
Now press cancel, the text remains in edit view. Moving to a different image and back the text still shows. Do a make/force make make and the album image does not show the text, go back to edit mode and the text has now gone.
For fun add the text effect and then drag the text around, see attached.