The face is inset by the chosen percentage and the ring between the outer edge and the inset is faceted into slanted planes, coloured with the same top, side and slope scheme as the 3D walls. It works with or without an extrusion.
Bevel is applied as an Illustrator live effect, so the text stays editable. Change the word, the font, or any slider afterwards, and save the result as a Graphic Style to reuse it.
How to bevel text in Illustrator → walks through the manual Illustrator steps, then shows the one-click version.