An update to the previous post, with the latest
Advanced Masks plugin I found that you don't get graphic artifacts, i.e. if you add scene_y to scene_z it blends correctly and has no grey pixels when no shader effects are applied, basically you get the same image.
Create scene_x, add text/or other scene items masks, color does not matter.
Create scene_y, create a group inside scene_y, add your target source inside this group.
Apply the "Advanced Mask" filter to this group. Set the following settings : Mask Effect - Alpha Mask, Mask Type - Source, Source - scene_x, leave rest as default.
Then you can apply "User-defined shader" to this group.
Create scene_z, add scene_y, add your target source, you can use an existing one because the filter applied to it is set to the group scene item.