I wish the “obsolete” effect Simple Text would be updated to 32-bit and reinstated as a standard effect. There isn’t anything wrong with the standard text tool, but sometimes one might be faced with the task of applying individual text notes (nothing fancy) to a large number of layers in sequence. The text tool is cumbersome in that situation because it doubles the clutter problem. But Simple Text is 8-bit limited, so can’t really be used on modern footage.
There sometimes are good reasons to have a couple of different ways available to carry out a task. Though one method may be objectively better than the other, there may be times when the simpler method is far more convenient.