Generally speaking, less total objects is better. Many instances of a single object is more efficient than many separate objects. This is especially true for sprites in terms of memory use, but not as big a deal for text objects.
It becomes slightly more complicated to pick and manipulate the correct instance, but it is not that bad if you get used to it.
In the end if you can't notice any particular performance issues from using many objects, it is not a big deal. Personally I group all objects that serve a particular purpose as one object, and I'll use multiple objects of the same type for different areas (like UI text, data text, menu text debug text, ect.). It's mostly a matter of personal preference how you want to organize your objects and events.