I am running Version 12.00.0000.5065

After experimenting I discovered that I could make the text appear, bit only if I did not scale the image. If I resized the image smaller after I inserted it in the page the text would still be present, but would suddenly be misaligned and not on the image, but offset. I did not see the text previously as the image is on a dark background.

If I stretched the image larger than the original, the text also became stretched and misaligned.

Note that this only became apparent in Preview. In Design view the text was always properly aligned.

So provided I use the image with no change in size (larger or smaller), the text on the image shows exactly what is in design view. If the image size changes, the text is also stretched and moved (only in preview).