Ok, I think I found at least some of the problems. First, there are all kinds of different and nested groups, so it makes it hard to select what you need. That doesn't contribute to the file size or performance issues, but it just makes it hard to select.
I think the main problem with the text, is the drawing of the barrel/tap inside the "O". After a few rounds of ungrouping, at a certain point I've found 93 filtered objects. And after some more ungrouping, I found another group of 85 That means you either duplicated an object with a filter many times, or added the filter individualy to many. There also are 6 or 8 circles with various shading, blurring, gradients on top of the whole thing, which wouldn't be needed for the tiny "O". Unless this is going to be on something like a billboard, that much detail can't be seen at all. Our human eyes just can see it.
But whether it's going to be the size you have it at 100% zoom, or on a sign or billboard, it would probably help if you grouped all those tiny pieces, and added the blur (gaussian filter) to them all at once.
I don't know if this is what happened in this case, but I wonder. As I've been learning Inkscape, and I enjoy trying to create realism or photorealism, I'm always getting tripped up with this. I'll zoom in, and draw in all kinds of wonderful and fantastic and amazing details. But when I zoom back out, it looks awful. I couldn't tell you how much time I've wasted trying to learn that lesson! And it still happens sometimes. It really is a skill, to be able to depict detail in a very small drawing, without actually using a lot of detail. I think it's an artistic skill, and I'm still trying to learn
Oh! I don't know if this will help in your work, but View menu > Icon Preview will show you your drawing or selection at a few different icon sizes. It's just more convenient that zooming around so much, if you're making something the size of an icon.
Well anyway, I hope that helps. Let us know how it goes