Shape builder capability in Photoshop like Adobe Illustrator

We often time use Photoshop to include paragraph texts in Photoshop files, so I request to add an abridged version of shape building capability like the one available in Illustrator. 

Presently we (at least I !) use Pen tool in Photoshop create some placeholders for putting shaped text in .psd files, which is a bit clumsy and many times not accurate, so a shape building capability will be a good addition.

BTW, can the frame creating functionality be used for defining path? If so, please let me know.