Unfortunately, questions that were previously asked about this do not resolve this issue. After I convert a text box to paragraph text, it still resizes the text when I resize the text box, just like it is expected to do with point text. I verified that the text is truly paragraph text and not point text by right-clicking the layer in the layers dialog, and the Type-> Convert To... in the upper navigation bar.
I'm using Adobe Photoshop Version: 2017.0.1 20161130.r.29 2016/11/30:23:00:00 CL 1099099 x64.
Does anyone know the up-to-date answer to this question?