You're thinking of it the wrong way. The text is not a permanent object on the screen simply because you put a drawing command in there.
Every frame is drawn completely over from scratch, every time.
Thus, if you have the following code in your While Drawing blocks...
IF ( DrawMyText == True)
{ Draw Text "This is a line of text!" at X, Y }
... then the statement "This is a line of text!" will only be drawn to the screen for any frames that happen while DrawMyText is true.
That means if you change it to false, the text won't be drawn to the screen for any more frames until you change it back.