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Click on text layer in the layer window, then right-click on the layer, and then the right-click menu that pops up listing "Convert to Point Text" or "Convert to Paragraph Text" depending on the current state of the text. Technically I was able to just hover over the text layer in the layer window and press right click without needing the first click (left click).
"Convert to Point Text" option shown below:
"Convert to Paragraph Text" option shown below:
Control + H / Command + H (PS keyboard shortcuts) or View menu -> Extras, is for Hide selection and planes, it does not remove the text bounding box.
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If you want to remove the Text Layer Bounding Box while editing text all you have to do is press Ctrl+H on windows or Cmd+H on mac to hide the Bounding Box.
To unhide press Ctrl+H or Cmd+H again.
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Control + H / Command + H (PS keyboard shortcuts) or View menu -> Extras, is for Hide selection and planes, it does not remove the text bounding box.
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Do you understand the difference between Paragraph and Point text? You may want to look at the Help pages
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Yes right you are.