No, it's not a bug. It's a feature. ;-)
For not unnecessarily inflating the save file, SV_STRINGS only saves modified strings. If you modify a string after game_save, it was not saved, and is consequently not overwritten to its initial content on game_load. So modify all strings that should be saved and loaded before game_save; for instance set them to their initial content.
If you insert
str_cat((save_text.pstring)[0]," ");
str_cat((save_text.pstring)[1]," ");
str_cat((save_text.pstring)[2]," ");
this into your save function it will work as you would have expected.