When the circle moves accross the screen, the circle moves smoothly with nice float precision, but the text jitters inside. Am I doing something wrong?
AFAIK text is quantized to the closest Y coordinate, as otherwise it would look extremely blurry. It’s a very common and unsolved problem. Even photoshop does it for fonts under a certain size.
If you still need to draw text at subpixel y positions, convert the text to a path first and then offset the path. It’ll be more blurry so you can’t use very small font sizes, but it does work.