Thanks for the answer. I think i should explain the problem better.

Hide()/Show() can be used while the image is currently loaded. But, when i save the image, the text/items are burned into the image.I can use hide() and save only the image, but subsequently when i reload the image, i need to have access to the created items.

I am hoping there would be a way to save the item layer as a separate format/file, and while recalling the original image if the user likes to view the items, load the item layer also, else load only the image.

Else, am i missing something ? Would really appreciate feedback.