If you save as a jpg does it affect print quality? All you can do it try it.
If you want to keep type and form as vectors you have to save it as PDF, that will result in a crispy font. If you need to reduce file size, save as copy and make some lower resolution and more compression, because it is a PDF it will not affect type or form vectors.
Don't save any file with type as JPG because fonts will look not good if saved as jpg.
I suspect gator has the answer. Text layers should not lead to huge file sizes because they are vector unless they have been rasterised.
But the reason I'm posting is to warn you to be careful if resaving the PSD file after exporting to PDF with layers turned off, because you will be saving a flattened PSD file if not careful. Just make sure that 'Layers' has been checked in the Save dialog window when saving the PSD.
I have lost two client jobs this way, and had to do the work all over again.