Summary:

The most likely explanation is that the old text was removed by using a fuzzy or smooth eraser tool.

Analysis:

In the image below I have only increased brightness and contrast to make the "hidden message" more visible. Nothing fancy. The slight red tint is only due to the fact that the black background of the original has a very slight red tint to it.

As you can see there is a very clear gradient in the most visible hidden text fragment (under "shared priorities"). The other fragments also show some signs of gradients, but there are no gradient effects used in the text about Biden.

Hypothesis:

These seemingly random gradients together with the fact that the "hidden message" appears to consist of small random fragments of a much larger text makes me think that whoever made this picture removed the old text by using a fuzzy eraser tool. They manually swiped the eraser tool back and forth over the text until they didn't see the old text anymore. But the fuzzy eraser tool doesn't remove everything if you pass over quickly just once. This is by design to avoid sharp edges in an image.

In the picture below I have swiped a big fuzzy eraser back and forth a few times over the original image to show what the results may look like. Obviously, in my picture some parts are still a little too visible, but I still think it gives a good idea of what type of effects this could cause.

Solution:

Don't use a fuzzy eraser tool to remove things you want to remove completely. In this case there's no need to use an eraser tool at all. Just fill the whole image with the background color, or maybe even better, just create a new image from scratch. The only thing they wanted to keep was the size and the background color and that should only take a few seconds to replicate in a new image.

Summary:

The most likely explanation is that the old text was removed by using a fuzzy or smooth eraser tool.

Analysis:

In the image below I have only increased brightness and contrast to make the "hidden message" more visible. Nothing fancy. The slight red tint is only due to the fact that the black background of the original has a very slight red tint to it.

As you can see there is a very clear gradient in the most visible hidden text fragment (under "shared priorities"). The other fragments also show some signs of gradients, but there are no gradient effects used in the text about Biden.

Hypothesis:

These seemingly random gradients together with the fact that the "hidden message" appears to consist of small random fragments of a much larger text makes me think that whoever made this picture removed the old text by using a fuzzy eraser tool. They manually swiped the eraser tool back and forth over the text until they didn't see the old text anymore. But the fuzzy eraser tool doesn't remove everything if you pass over quickly just once. This is by design to avoid sharp edges in an image.

In the picture below I have swiped a big fuzzy eraser back and forth a few times over the original image to show what the results may look like. Obviously, in my picture some parts are still a little too visible, but I still think it gives a good idea of what type of effects this could cause.

Solution:

Don't use a fuzzy eraser tool to remove things you want to remove completely. In this case there's no need to use an eraser tool at all. Just fill the whole image with the background color, or maybe even better, just create a new image from scratch. The only thing they wanted to keep was the size and the background color and that should only take a few seconds to replicate in a new image.

Update:

As requested by @Tristan in a comment, I have tried to replicate the process completely. Here is a picture where I have removed the Biden/Kamala text with a fuzzy eraser tool and then placed a new text on top of it:

And here is the same picture but with increased brightness and contrast to highlight remnants of the old text: