Would like to see this with the option to draw a text frame that the text will wrap inside of. I know I can adjust the handles of a long text for wrapping, but if it is placed by frame, it would wrap automatically.

And be able to define a fill and outline symbology as well.

Could adjust the shape by the handles, and text would follow wrapping inside automatically.

This would take care of having to create wrapped text, then a filled shape, decrease the priority of the shape to stay behind the text, then select and group it all together for the background fill to work when plotting.