pygame – How to display text with font & color?

Yes. It is possible to draw text in pygame:

# initialize font; must be called after 'pygame.init()' to avoid 'Font not Initialized' error
myfont = pygame.font.SysFont("monospace", 15)

# render text
label = myfont.render("Some text!", 1, (255,255,0))
screen.blit(label, (100, 100))