Why is the text stuck in layers panel? and how do I get it removed?

It looks like the Layers tab is not refreshing as expected when Layers are collapsed.

Try these in this order:

• Choose Window > Layers to close the tab and then Window > Layers again to open it.
• Choose Window > Workspace > Reset.
• Close the document and re-open it.
• Quit Illustrator (closing and saving all documents), then launch Illustrator and open this document.
• Reset Illustrator preferences - a last resort.  https://helpx.adobe.com/illustrator/using/setting-preferences.html

Also, I'm assuming that you simply to not want to see text object "lucky sign - 5" while the Layers are collapsed as expected.

It looks like your text is a sublayer of another layer. You may need to spin down the arrows at the left of each layer to see it's contents and then delete the layer on which your unnecessary text resides. The easiest way to find the right layer is to use your selection tool in your image to click on what you want to delete (it'll highlight, if the sublayer isn't locked). Then look at the little colored squares, which'll appear to the right of the layers to see which layer your content is on.