It is definitely possible. Here is a tutorial that shows how to create and display a PDF document with text in iOS 5.
When I downloaded and started the project, the text did not look rasterized when I zoomed in. When I opened the generated PDF in Preview in OS X, I could select and copy the text.
Core Text CGContext. +[PDFRenderer drawText], , .
, , , , :
CGRect text_rect = { 0, 100, 300, 50 };
UIFont *font = [UIFont systemFontOfSize:12];
NSString * str = @"Added foo bar";
[str drawInRect:text_rect withFont:font];