Can anyone help me make this text effect?

You could try to apply a 60% grayscale color to the text and lines.

Use a Rasterize Effect as Grayscale at a high resolution (800 ppi for example) with a white background.

Apply a Color Halftone Effect (22 px radius) Make sure the dots don't touch, if so change the gray fill.

Object > Expand the Appearance

Use Image trace with less corners in Advanced settings and Ignore white color.

Expand the result.

Ungroup All

Object > Transform > Transform Each

Scale Horizontal up to around 160%

Scale Vertical down to 50% or whatever is needed to get the horizontal elliptical dots.

But I assume there will be plug-ins that can do it in seconds.