I'll start off this discussion with a few techniques not documented in the Help file.
Text on Selection Tool
When using this tool, it initially begins in "selection" mode using the equivalent of the Quick Selection Tool. Sometimes that works OK, sometimes it "jumps" to select too much. Instead of going back and forth between the "Add to selection" and "Subtract from selection" options, you can make your selection before using the tool:
Text on Shape Tool
The shape can be edited any time after committing the text by selecting the text layer and hitting the Ctrl+T keys to enter "Shape Free Transform" mode. After modifying the size and position of the shape, clicking the green check mark will cause the text to jump into its new position. You can use any shape transformation except "Perspective".
Text on Custom Path Tool
You can use the "Refine Path" mode of this tool at any time after committing the text:![]()
When you're in "refine" mode, you can drag a node (the gray square) or the line segment itself (between the gray squares) to modify the path.
Ken