You have to precompose the text before applying the effect.
Render order for normal layers: METL (masks, effects, transforms, layer styles).
Render order for continuously-rasterized layers: MTEL (masks, transforms, effects, layer styles).
This means the effect will be applied after the transforms — so position and scale will have no affect on the effects applied to text layers, shape layers or any other layer that is continuously-rasterized. Precompose it without collapsing transformations and apply the effect to the precomp.