You can create a vector layer via the CSH tool. You can also add the multiple strokes / gradients to the Photoshop shapes artwork. The key thing is that it is a layer and the layer can have layer effects applied and key to that is the stroke feature. Everything that can be done here for vectors can also be applied to type as well
Select the layer and then go to the layer menu and select the layer effects menu and apply a stroke and you can set the type, size etc
With recent release, you can now make multiple entries as well as gradients and glows etc. Apply to the selected path. Still, this does require some setup as it is possible to create one entry that covers all the others. The first generated or in the list is the bottom entry, set that to the largest size setting and outside as the position. Click the + and a new entry will appear with the same size. You can now reduce this size and also change the color of the fill. So if the first is black and the second is red, you will now see two circles in black and red. You can click the + again and then reduce the size as change the color. You don't have to ever decreasing sizes but if you want to see the underlying layers, you can also use blending modes and opacity. Have to say, the result can get more coarse as you make more and more to it, not sure why that is the case with many vector designs even with a smooth circle.
Now, go to the layer menu and smart objects and convert to smart object. You can now go back to the layer menu and layer effects and append another edge to your design. Repeat this, appending more and more to the original container. The result can get a little coarse with multiple items.
You can take a vector and copy it to Illustrator via the clipboard. It should be easy in 2022 etc but it still doesn't work well, certainly not every time. My easiest solution is to use the direct solution tool and then select everything using that and then edit and copy and then go to Illustrator and edit and paste there and select compound option and then use the appearance panel right side menu to append an edge etc to your vector. I would recommend to start with the largest setting first and also use the position outside option for all of the new ones so say go with 200pt and then 150 for the next one appended and then 100pt and so on and for each of them change the color via the appearance entry. Select it and then go to the edit menu and copy and go back to your favourite photo editing application and edit and paste and you will get a panel giving options for layer, path etc, go with smart object as that will then contain all of the design and colors and you can also re-edit it at any time later by double clicking the cloud icon for the entry in the layers panel and appending more and modifying the existing ones.