The INVTEXT macro can do the same thing for literal strings.
If you need text that not localizable (such as converting a player name from an external API into something you can display in your UI), you can use FText::AsCultureInvariant, which produces an FText instance that has no localization data (and cannot be localized). Text histories support the culture-correct rebuilding of text, and and also form the key component for the following: This variance is handled by the internal 'text history' ( FTextHistory). The data held within FText instances varies, depending on how the FText was created. This makes it very cheap to copy, and the FTextSnapshot utility provides an efficient way to detect if a cached FText value has actually changed. Internally, FText is implemented as a TSharedRef to an ITextData. This should be used when you have user-facing text that needs to be localized.
It is a specialized string, represented by the FText type in C++. Text in Unreal Engine 4 (UE4) is the primary component for localization.