Here is a working version, inspired by the answer, but it works without opening or saving images.
The two images have colored background and alpha channel different from zero to show what's going on. Changing the two alpha channels from 92 to 0 will make them completely transparent.
from PIL import Image, ImageFont, ImageDraw
text = 'TEST'
font = ImageFont.truetype(r'C:\Windows\Fonts\Arial.ttf', 50)
width, height = font.getsize(text)
image1 = Image.new('RGBA', (200, 150), (0, 128, 0, 92))
draw1 = ImageDraw.Draw(image1)
draw1.text((0, 0), text=text, font=font, fill=(255, 128, 0))
image2 = Image.new('RGBA', (width, height), (0, 0, 128, 92))
draw2 = ImageDraw.Draw(image2)
draw2.text((0, 0), text=text, font=font, fill=(0, 255, 128))
image2 = image2.rotate(30, expand=1)
px, py = 10, 10
sx, sy = image2.size
image1.paste(image2, (px, py, px + sx, py + sy), image2)
image1.show()