It's not just that the item text is empty, it's that the item doesn't even have a text property yet. The short answer is to try/catch (check out all the answers to this question)
def _clickedCell(self, item):
    print(type(item))
    try:
        self.text_label.setText(self.table.item(item.row(), item.column()).text())
    except AttributeError:
        self.text_label.setText('Cell did not have a text property')
    except:
        self.text_label.setText('Something else went wrong')
But something else surprised me - the item passed to the _clickedCell handler is not exactly the QTableWidgetItem defined, even when it is defined. I've added some print debugging right before the same try/catch in the short answer.
Here's a smallish app that sets only some QTableWidget item text values and can display a clicked cell text value, or handle the missing text property:
import sys
from PyQt5.QtWidgets import QApplication, QWidget, QHeaderView, QFrame,\
                        QLabel, QTableWidget, \
                        QTableWidgetItem, QVBoxLayout, QHBoxLayout
class TableWidget(QTableWidget):
    def __init__(self):
        super().__init__(2,2)
        self.setHorizontalHeaderLabels(['Text Set', 'Text Not Set'])
        self.setItem(0, 0,  QTableWidgetItem("dummy text"))
        self.setItem(1, 0,  QTableWidgetItem(""))
        self.horizontalHeader().setSectionResizeMode(QHeaderView.Fixed)
class AppDemo(QWidget):
    def __init__(self):
        super().__init__()
        mainLayout = QHBoxLayout()
        self.table = TableWidget()
        self.table.clicked.connect(self._clickedCell)
        mainLayout.addWidget(self.table)
    
        buttonLayout = QVBoxLayout()
        self.text_label = QLabel('Initialized value')
        self.text_label.setFrameStyle(QFrame.Panel)
        self.text_label.setMinimumWidth(70)
        self.text_label.setWordWrap(True)
        buttonLayout.addWidget(self.text_label)
        mainLayout.addLayout(buttonLayout)
        self.setLayout(mainLayout)
    def _clickedCell(self, item):
        print(item.row(), item.column())
        print(type(item))
        print(type(self.table.item(item.row(), item.column())))
     
        try:
            self.text_label.setText(self.table.item(
                  item.row(), item.column()).text())
        except AttributeError:
            self.text_label.setText('AttributeError: Cell had no text property')
        except:
            self.text_label.setText('Something else went wrong')
        
app = QApplication(sys.argv)
demo = AppDemo()
demo.show()
sys.exit(app.exec_())
# from https://learndataanalysis.org/add-copy-remove-rows-on-a-table-widget-pyqt5-tutorial/