How would you go about re creating this with custom text?

You could try it with Generative Fill. The generated letters I got matched the appearance but was often missing or changing letters with Firefly Image Model 3. Firefly Image Model 1 didn't generate any letters.

Instead, I'd recommend making the background area match, adding your own text, and applying a combination of layer styles. Here's what that can look like:

Here's how

1. Select the area of the current text that you want to replace
2. Go to Edit > Content Aware Fill...
3. Deselect areas that influence the fill if you get more than just the pinkish background and click OK when it's filled
4. Sample the color in the other text areas to use for the text
5. Add the text you want and set it to a similar handwritten or script font (I used Braisetto Bold)
6. Double-click on the text in the Layers panel (other than on the eyeball, the thumbnail, or the name) or go to Layer > Layer Style > Bevel & Emboss (or any of the other layer style options) to open Layer Styles (going to the menu will take you to the options for that particular layer style)
7. Add the following Layer Styles:
   • Bevel & Emboss - click on it to open the Bevel & Emboss options to make adjustments as needed
   • Add a stoke of the same color as the text if you need to make the text wider
     
   • Add a color overlay with a Saturation blend mode to affect the appearance of the text, if needed