How To: Set the visibility scale on text graphics in ArcMap
Visibility scale cannot be set on text graphics in ArcMap. However, the text graphics can be converted to a feature layer, on which a visibility scale can be set.
Convert graphics into features:
Right-click the data frame in the Table Of Contents > Convert Graphics To Features
Choose graphics to convert, check Selected graphics only to convert only the selected graphics, or uncheck this option to convert all graphics.
Select the coordinate system to use for the output feature class.
Set the output geodatabase and the name of the output annotation feature class.
Click OK. The graphics are converted to an annotation feature class.
Set the visibility range for the converted annotation feature class:
Right-click the annotation layer generated above in the Table Of Contents and click Properties to open the Layer Properties dialog box.
Under General tab of the Layer Properties dialog box, check Don't show layer when zoomed, and set the minimum scale and maximum scale. The annotation only displays when the map scale is within this range.