Gap fillon/off, with its own colour; off cuts the band through the extrusion
Foldon/off: each half gets its own Shift −100 to 100%, Shear −45 to 45°, Stretch 0–500% and Project −100 to 100%, lockable top and bottom
Still live text
Split Face 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.