text as an effect
an effect to create text via effect would be useful to keep your composition compact. imaging you have to create a button, you right now need at least 2 layers. 1 textlayer and 1 shapelayer.
with an text effect (like the timecode effect)
you would only need 1 layer.
But the effect should respect the layers coordinates,
not like the timecode effect, which ignores them.
Ludwig Tomaschko commented
Or text inside of a shapelayer