I use a little different technique.. I don't think it's any quicker, but, anyway...

Create a sphere, copy it, hide it, paste the copy.
Create curves for the text.

Project curves to the sphere's surface and trim surface with the text curves,
removing all but the trimmed out surfaces of the letters.

Extrude the text surfaces (from BOTH sides, cap ends) to the desired thickness.

Un-hide the original sphere and boolean add or subtract the extruded text accordingly.

It also works for shapes other than spheres.

Jesse