Either I'm not understanding what you wrote, or it's not really working that way. But as I recall, the workarounds were to permanently change the orientation of the selection box, e.g., so one could rotate an object or flip the object, and then convert it to a Text Frame where the text was not rotated or flipped.
Here's a rotated rectangle, where the selection box is the Base Box:
Here it is with the selection box cycled to Regular Bounds:
If I click outside the object, and then click on the object again, the selection box has been reset to Base Box:
Thus, it is not a permanent reset.
And more importantly (for me) if that rotated rectangle is converted to a Text Frame the text inside it is rotated, too.
Have I misunderstood something?