There are many cases when i need to set padding or space between items relative to the letter height of some text. But currently in Figma, theres always that bounding box around the text which is determined by line height of that font at that font size. however, visually, u need to set the distance between such text and another element considering just the text that can be seen, without the bounding box.
An option to somehow get rid of that bounding box, or make it the same height as the highest letter in your copy, without messing with the line height (or row spacing) of the text, which needs to be adjusted separately, would be gold.