Cannot get just the text of an option from submitted data
I scanned Webform's code base for [webform_submission:values: and eventually found the webform.token.inc file to list a number of Webform tokens from submission values. One of them being entity:*. And another being delta.
'&lt;li&gt;element_key:entity:*&lt;/li&gt;' .
'&lt;li&gt;element_key:delta:entity:*&lt;/li&gt;'


The 'entity:*' applies to the referenced entity
The 'delta' is the numeric index for specific value

And when I scan Drupal core's code base for :entity:title] there's [comment:entity:title]. When I scan for just :title] there's [node:title] among the first hits. Okay, with all that I'd assume it must work with either:
[webform_submission:values:ELEMENT_KEY:entity:title]

Or if it's a multi-value field try it with a :delta of 0 to ensure you only get the first referenced node's title.
[webform_submission:values:ELEMENT_KEY:0:entity:title]


Just found out for taxonomy terms it's :name at the end:
[webform_submission:values:ELEMENT_KEY:entity:name]