Yes. All text should be readable as a thumbnail. The white text is far too small.
Text should not be overlaid on a busy background or readability is impacted.
My goal is 7 words on a meme. I usually fail but that's a guideline.
Here are examples of readable memes.
I carefully select fonts and colors, and place the text on parts of the background that do not conflict with the text. Sometimes shadows/outlines help the text to be more readable.