It’s not a question of new a Font Manager exactly.
The Chicago font has FONT resource ID = 0. The 128K ROMs added the Chicago font to ROM (and also tweaked the various toolbox calls including QuickDraw text drawing routines to check the ROM for needed resources “first”, using a low memory global flag called RomMapInsert). So if you’re running the 128K ROM, your QuickDraw calls (which run in the ROM) know they are supposed to look in that same ROM for any font you ask for before checking the disk, and if you ask for FONT ID = 0 they happily find Chicago right there in the ROM and hand it back to you, and you’re done.
If you’re running on 64K ROMs and you call TextFont(), the ROM instead just looks on your System disk and gives you whatever FONT ID = 0 is sitting there, for example, Cartoon.