Generating term vectors on the fly

Suppose, I have more than 1mil documents where I have a text field lets say "Contents". We have not enabled termvector for the index.

Now when we want to find count of occurrence of a word lets say "data" in "Contents" , I am thinking of generating term vectors on the fly. But had below queries.

Can you please tell me what do we mean when we say " Note that for the field text , the terms are not re-generated." ? - refer below image.

Additionally what will be impact on performance when we use term vector on the fly for text field? Do you have any data which you can share?

Thanks,
DU

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