: Go to Effect > 3D and Materials > Extrude & Bevel . Set the position to Isometric Top .
: Use the Eyedropper Tool to make the text the exact same color as your background.
Go to to turn the effect into shapes.
: A subtle Drop Shadow on the text layer itself can help separate the sunken effect from the background. Quick Online Alternatives
: Open Blending Options and enable Bevel and Emboss . Set the style to Inner Bevel and the technique to Chisel Hard to give it a sharp, carved look.
Use the to select the top faces of your letters, then Cut ( ) and Paste in Front ( Create a Compound Path ( ) with those top faces. Select everything and create a Clipping Mask ( ) to reveal the "depth" inside the letter shapes. How to Create Deep Text in Adobe Photoshop