Indesign's "Fill Frame Proportionally" but for Photoshop (After the shortcut)

 You can script the process,  If the image does not have the same  Aspect Ratio of the frame's mask and if the mask is not a rectangle when you scale the image to fill the frame's image area some Image content will be lost because image's shape does not match the frame's image shape.    My Collage template populating script automate this process and the Mockup batch populating scripts edit option also fill the smart object area with the replacement images.   I do not use Adobe Photoshop Frame Tool in my opinion there is an issue I would rather not deal with in the frame tool.   Photoshop has been able to frame  images  without the frame tool for years.  I wrote my Collage scripts in the CS2 time frame.  Free Photoshop Photo Collage Mockup Toolkit

Have you tried converting the Shape into a Frame?

Then place the image into the frame. The image will automatically fit the dimensions of the frame.

Hey! 

There is a way: have you used the Frame Tool in Photoshop before? 

You can simply drag an image into this frame (just like in InDesign), and it'll fit automatically (no need to use Clipping Masks).

In the Options bar you can also choose a circle.

You can also view my Adobe MAX session from around 17:00. I used it there:

https://www.adobe.com/max/2020/sessions/photoshop-ipad-to-desktop-part-3-refining-your-des-l8026c.html

Hope this helps!