Is there a way to create something like this on Photo V2?

[albertkinng]

Basically is a mask that you can just throw on top of an image, and it will create an illusion of a divider without cutting the image.

[NotMyFault]

Yes, simply use pen tool, set blend mode to erase.

group all curves and image, add outline via layer fx

put fill layer into background 

the corners are round, this is a small difference.

other solutions are possible.

[loukash]

Instead of grouping in Erase mode, you can also nest the white strokes "into" the image instead:

 

Edited January 3 by loukash
it works in Normal blend mode, in fact

[NotMyFault]

10 hours ago, loukash said:

Instead of grouping in Erase mode, you can also nest the white strokes "into" the image instead:

But this won’t create the black edges inside the image. Adding a stroke will create unwanted pieces at the both ends of the stroke. I tried this approach, but couldn’t find a way to add the black edges.

[v_kyr]

Just geom add/combine lines or rects in order to get a right black stroke around them. - I show quickly with rects instead here ...

[loukash]

22 minutes ago, NotMyFault said:

But this won’t create the black edges inside the image.

You're right, for that you still need them to erase:

But having the strokes nested rather than grouped above is potentially easier to handle.

[thomaso]

... and one more, with rectangles, not lines: