Automatic evaluation metrics are crucial for advancing sign language translation (SLT). Current SLT evaluation metrics, such as BLEU and ROUGE, are only text-based, and it remains unclear to what extent text-based metrics can reliably capture the quality of SLT outputs. To address this gap, we investigate the limitations of text-based SLT evaluation metrics by analyzing six metrics, including BLEU, chrF, and ROUGE, as well as BLEURT on the one hand, and large language model (LLM)-based evaluators such as G-Eval and GEMBA zero-shot direct assessment on the other hand. Specifically, we assess the consistency and robustness of these metrics under three controlled conditions: paraphrasing, hallucinations in model outputs, and variations in sentence length. Our analysis highlights the limitations of lexical overlap metrics and demonstrates that while LLM-based evaluators better capture semantic equivalence often missed by conventional metrics, they can also exhibit bias toward LLM-paraphrased translations. Moreover, although all metrics are able to detect hallucinations, BLEU tends to be overly sensitive, whereas BLEURT and LLM-based evaluators are comparatively lenient toward subtle cases. This motivates the need for multimodal evaluation frameworks that extend beyond text-based metrics to enable a more holistic assessment of SLT outputs.