Welcome to BA!
Yeah, chiseled text is complicated in Blender – I mean, it makes sense because you’re dealing with a 3D object instead of just some pixels on a raster screen, which are much more easily manipulated, but I can see why that might come as a bit of a shock. And it’s a pain because one usually needs to do it for each letter individually.
You can play around with the Offset and the Bevel in the Data Object Properties of the text, but I’ve not gotten good results with that for anything extreme, like a single raised centre line. Even if one can get the line itself, the process produces mangled topology at sharp corners and end points. Instead you’re better off converting to mesh, and then doing it manually, even though that adds a lot of work.
Come to think of it, doesn’t Photoshop have 3D features? I haven’t used it in ages, but CS6 had something like that. It might be easier to do this in Photoshop and export the 3D model.