Text with shapes in drawable resource

No, you cannot do so. One idea is to set the Drawable as the background for a TextView and then simply set text in the TextView, which will appear above the other layers of your Drawable. Of course, this cannot be used for a splash screen, which requires a drawable resource as mentioned by zyamys in a comment below. An idea for that case is to generate static images with the text you are interested in. This unfortunately does not cover cases where the text is to be dynamic.

You can use vector drawable instead (say by converting from svg file).
Then use vector as one of the layers.
This lets you create a single drawable without any TextViews, so you can easily use it as a windowBackground in your splash screen theme.

<?xml version="1.0" encoding="utf-8"?>
<layer-list xmlns:android="http://schemas.android.com/apk/res/android">
    <item>
        <shape xmlns:android="http://schemas.android.com/apk/res/android"
               android:shape="rectangle">
            <gradient android:angle="270"
                      android:startColor="#C3DAE0"
                      android:endColor="#FFFFFF"
                      android:type="linear"/>
        </shape>
    </item>
    <item
        android:gravity="center"
        android:drawable="@drawable/ic_splash_text"/>
</layer-list>

Where ic_splash_text - is a vector drawable with the text.

Not forget to add vectors support if you are4 targeting onto API<21. For this you have to:

1. Add to your module build.gradle (app-level):

   android {        
       vectorDrawables.useSupportLibrary = true.    
   }  
   

2. Register delegate in a static block of your activity:

   static {  
       AppCompatDelegate.setCompatVectorFromResourcesEnabled(true);   
   }