How to add custom text to footer in Travelify WordPress theme?

You are on the right track!

Here is an example how to overwrite copyright information from footer-extensions.php using functions.php from Child THeme.

https://colorlibsupport.com/t/how-to-remove-copyright-information-from-travelify-theme/

Based on this you can modify any theme function. Additionally you might want to look into this great tutorial.