The text info is sent separately from the flight info, so it won't really affect your flying lag.
This IS a game, not real life. In games you expect (nay, require) certain things. If there was no kill message, if there was no nothing, if it all went silent, you might as well fly MSFS. I'm not saying it's THE most important part of the game, I'm just saying it has its place, and should not be removed.