How to convert 'point text' to 'paragragh text' and vice versa in Photoshop Elements 2023.

Select the layer with the point text and double-click on that layer T symbol to select all

Press Ctrl+C to copy the text

Create a new layer 

Choose the T tool and drag out a rectangle

Press Ctrl+V to paste the copied text into the rectangle space

Switch off (eyeball) or delete the previous text layer