again you have a very good question here.. 😉
For your game, I can see that making a button for all kinds of words is not an option, thus you should definetely use the Text element as you suggested.
To make a Text element work together with a Sprite from a sprite sheet, you need to define manually where your SpriteBatchContainer is put in the Scene. By default, all sprites in a sprite sheet are drawn on top of all the other elements. If you want to change that order, just set the z value of a explicitly added SpriteBatchContainer in your Scene to -1 and all the sprites will be drawn behind your normal elements.
Alternatively, you can also use MultiResolutionImages, because z-ordering with these components work as for all other items. Usually, if you do not have animated sprites in your game, working with MultiResolutionImages is still fine performance-wise.