Yea, but you still have to read them, i.e. focus this "machinery" on a single word/sentence. So you're working in sequence when trying to identify a bunch of unrelated labels. On the contrary, you can probably differentiate an entire group of icons just by a glance in their direction (provided they are appropriately designed, of course).
Plus reading speed is pretty much the same no matter how many times you repeat the task. Recognition on the other hand improves with repetition.
If you're using only text, you're pretty much stuck with being able to differentiate your icons either by location or by actually reading them. Icons add another component to this.
Totally agree with the color-related comment though.
IANANS btw, so your mileage may vary.