Yup, the .text “file” is binary, and I assume it’s exactly that - the executable machine code - but I did not try opening it with any hex editor or disassembler. I tried with a text editor, knowing in advance that it’s going to fail, and it did - there were a bunch of null or error characters shown and the editor crashed soon after.
I honestly didn’t look any further into it, because I just don’t care. Archive Manager apparently just splits up the sections of the .exe and exposes them as if they were files in an archive. Seems as useful an approach as any.