I have created a text layer, converted it to a Smart Object, and duplicated the Smart Object twice. I then applied Stroke blending option to both copies and set their Fill to zero:
At this point, if I edit the text in one Smart Object, the change also applies to the other two - which is fantastic:
Now I want to apply Emboss and Drop Shadow to the stroke, so I convert the layer on the right to Smart Object and apply the effects. Note that it's now a Smart Object inside a Smart Object.
But, if I now edit the text layer, the change doesn't propagate to the nested Smart Object anymore. There are now two text layers which can be edited independently:
Can I somehow create nested Smart Objects while sharing the content inside the deepest object with other objects, so that my text editing propagates to all objects regardless of how deeply I wrapped them into other Smart Objects?