If select the text, run Explode and then PlanarSrf immediately afterward on the result, you should get what you want. Rhino will deal with the nested loops correctly - in pretty much all typefaces there shouldn’t be more than one level of nesting (the insides of o’s, e’s etc.).
Note that there are some fonts that are not correctly designed that will not work in any case - for example below is the result of Bahnschrift Semi Bold - middle is text, lower is TextObject and upper is text exploded.
Most surprising is that the inner loop of the ‘e’ is completely missing.