Tech Mahindra monitoring tools receive alert labels that may contain spaces, punctuation, and mixed letter casing. Write a function that determines whether an alert label is a palindrome after keeping only alphanumeric characters and comparing letters without case sensitivity.
A string is a palindrome if it reads identically from left to right and right to left after normalization.
Implement is_palindrome(text), where text is a string. Return True if the normalized string is a palindrome; otherwise, return False. The normalized string must contain only characters for which Python's isalnum() returns True, converted to lowercase.
def is_palindrome(text):