You can get dynamic content in an HTML template by the below steps:
STEP 1: Create a new XML file in theme named checkout_index_index.xml
<page xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:noNamespaceSchemaLocation="urn:magento:framework:View/Layout/etc/page_configuration.xsd">
<body>
<referenceContainer name="content">
<block class="Magento\Framework\View\Element\Template" name="custom_text" template="Magento_Theme::block/custom_text.phtml" cacheable="false" />
</referenceContainer>
</body>
</page>
STEP 2 : create a PHTML file in the below location:
app/design/frontend/{theme_package}/{theme_name}/Magento_Theme/templates/block/custom_text.phtml
<?php $dynamicText = 'Hello There'; // you can call any block or dynamic text here ?>
<script type="text/javascript">
window.dynamicText = "<?php echo $dynamicText ?>";
</script>
STEP 3 : Add below code in .html file else any where in .html in checkout:
<span data-bind="html: dynamicText "></span>