Is this card powerful enough to run a 27 inch 1440p and a 24 inch 1080p monitor simultaneously? I don't plan on gaming, mainly text document editing and media consumption.
Yes, 100% no problem. I run this card with 2x 27" monitors (AOC Q2778VQE27") in 2560 x 1440 resolution.
PS: The resolution (pixels) is what defines a card, not the larger of the screen diagonal(s) (inches).