Cannot edit text in a layer from a PSD file

[ofnuts]

AFAIK currently Gimp "renders" text layers (or uses a rendering found in the file) when loading PSDs and discards the text information. In any case a Gimp text layer only has text with font, style and size and doesn't include any effect, so either it is a quite simple text layer and you can redo it easily in Gimp (assumming you know and have the font) or its is a more completx text layer and Gimp doesn't support that anyway, from a PSD or natively..

[Nidhogg]

I tried the PSD file in Photopea online and it allows me to edit the text in the layer so I assume the text data is intact.
Any help would be appreciated. Thanks!

Never used Photopea, but I read that you can convert PSD to Gimp's native format XCF. Did you try that?
If the text layer is rasterized, and I assume it will be I would simply redo the text in Gimp.

Photopea Overview
Online photo editor. Open, edit and save PSD and XCF - Photoshop and Gimp files.
Convert between PSD, XCF, JPG, PNG and WebP.