What happens to the original print_text function when the same name (print_text) is used for the new variable?

Answer 1

It is deleted from the memory, same as this example with integers:
x=123
y=2
x=y

both x y are 2, and the 123 value us now gone.

Answer 2

when you call a function like for example
print_text(x) the function is simply used and not written again. The function retains its definition but only differs by the values inputted in it.
Example print_text(ch1)
print_text(ch2)
They only differ by the value of the passed variable