I had an issue and reported as a bug because for me was no sense to activate an option to import PSD files with text and this came how pixels. So searching on google I found that have one option for activate PSD Text as Text. I suggest to this be enabled by default.
I have been trying to open my .PSD files but my text layers are been converted to Pixels and my Smart Objects (.psb) too. I tried to create a new PSD and make two types of text: paragraph and point, but twice are covnerted to Pixels and I can't edit. If have some configuration to do to import correct I missed that, altough if not is a bug. Untitled-1.psd