Not really. But explain what you do.
There might be another way.
To explain what I do, I'll create a page full of copy, then I might put a photo of someone on the page that uses some effects that aren't available in ID. Then I may also add some fancy effects on the page, such as "swooshy" elements in the header or footer. It's tiresome trying to hop back and forth between InDesign and Photoshop to get these all to work together, so I was looking for the quickest way to approach this sort of work.
>> It's tiresome
No, it is not. This is normal behaviour.
I do know about Affinity StudioLink - https://affinity.serif.com/en-us/publisher/studiolink/ - this is great thing from a competitor of Adobe and this thing really works. But I wouldn't recommend this soft if you ever ever needs scripting things. There is no scripting in Serif soft.
I agree with Peter.
Create your design elements in Photoshop or Illustrator.
Then use File>place to insert them in InDesign.
For photos, add the effect in Photoshop and the use File Place to insert to your layout.
There is no need to go back and forth with your layout in Photoshop. In fact that is the completely wrong workflow.
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For an entire page layout? No.
InDesign and Photoshop are apples and fish. Photoshop is a pixel editor, Indesign is a page layout application.
You can link edited content from Photoshop into your page layout, and go back and forth between the two editing the linked content in Photoshop and having it update automatically in ID -- and this also works for other types of linked content in their respective native editors -- but other applications do not read .indd files, nor does ID read other formats as directly editable.