P: Center text vertically in bounding box (like InDesign)

Are you kidding me? Photoshop is not a design program? Braindead take, I actually can't even begin to comprehend the level of stupidity your comment displays. I was going to argue and explain why you're so unimaginably wrong but I fear it would be a waste of my time. While you keep using a vector graphics program to obliviously design raster work, real professionals will continue to search for solutions and advocate for completed software, not buggy messes we've been accustomed to.

@Lumigraphics  Are you coming from the past? It surely started as an image editor but evolved to be a design tool indeed. 

No one has time for useless responses like this.

Photoshop is an image editor not a design program. Adobe publishes Illustrator and InDesign for design.

The solution: work on figma instead. If Adobe cant change something for us, then let us change design programs.  

Its been 5 years and such a basic feature still hasn't been added, crazy how incompentent Adobe is.

I get it but sometimes you have to use w workaround.

You can fit the text box by converting from paragraph to point text and back, and align that, but if you must have a larger text box then you have no other choices.

Baseline shift is not a solution; it's a workaround for a missing function. Professionals shouldn't have to hack around to have a functional software that costs thousands per year to rent from a company like Adobe that simply refuses to fix bugs and missing features in their software, some of which have existed since CS2.

Right now the only way to do this is baseline shift. I've been looking at the numbers and it could be scripted.

We get new ways to select backgrounds & subjects every year, still no basic type control in PS. Basic functionality in Adobe software is a joke, with Photoshop leading the pack for stubborn, non-intuitive and downright lacking software. It's too bad nobody at Adobe responsible for bux fixes or feature implementation actually use the software they break every update.