I think it would be great to have a new Paragraph Text tool that works like a smart object.
A Smart Paragraph Text layer could have multiple varients that contain the same text, but you could resize and adjust them to fit different artboards (for example). When you change the text in one layer, it will update all varients. For my workflow it would be an amazing time saver.
Have you tried setting and applying Paragraph Styles? You can create various Paragraph Styles, apply them to any paragraphs, and if you edit the Paragraph Style, then all the paragraphs where the Paragraph Styles have been applied update with the new style.
What I meant was actually the opposite thing, I meant for the content of the text itself to be "smart" and the styling to be individual. Does that make sense?
Although Photoshop has text and text tools, you'll find more features for linking and styling paragraphs in InDesign.
In fact, you can do what you're requesting in InDesign. You would create your paragraph and make an alternate layout with linked text. You would need to adjust the Custom Style Mapping so that changes to the content of the linked text don't affect the styles applied to the linked text in the alternate layout.
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