The short answer is: Yes, they are less efficient.
The longer, more convoluted answer is:
Yes, they are probably less efficient. It depends on which DBMS you are using and the size of your table, etc, etc. TEXT fields are variable width, and as such the DBMS has to do more work when trying to find records. How much this impacts on your performance is directly proportional to how efficient your DBMS is in general, how much data it stores about table rows, and whether it optimises fixed length tables.
I know MySQL works faster with fixed length table rows, but you have to tell it that the table is able to be treated as a fixed length table first. I don't really have any practical experience with other DBMS's to be able to relate actual numbers. But on tables with lots (reads a million or more) of records, it can make a significant difference. Smaller tables will have little to no practical difference though.