As vector, you can resize it, change color, position anytime you want till type is on own layer and is not rasterized (to apply gradient to type you must first rasterized it).
Photoshop is raster based but you can work with vector objects in Photoshop. Why is raster based is question for founder Mr. Thomas Knoll not for public because we can not answer this question. Maybe because this world need raster based software.
It is both. An 'application' is a type of software.
Yes, Photoshop is software itself.
what is photoshop?
Photoshop is software, most popular in image editing.
One of the best web-based software on the internet is Sumo Paint. This is an alternative for Photoshop. I noticed there were a lot of good reviews for this as well.
There are several features of the Corel Photoshop software. Some of the biggest features of the Corel Photoshop software is the ability to edit photos.
By default text is vector object and always on Type layer which you can recognize from letter T on thumbnail in Layers panel.
psd is a photoshop extension and can be opened with photoshop or photoshop elements.
Image enhancing and manipulation software.
Nowhere, Photoshop is not free software.