@Flashback (doubt you’re still in need of a possible solution) but just in case anyone else stumbles upon this problem where the previous solution of anton, previously working fine, stopped working when changing z of parent/base actor. A potential fix for this is make a blueprint, create a textrender with the text-facing-material from above and add a Set Abolute node referencing your text Render and set it to New absolute rotation. This fixed it for me.
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