As I see it, lyrics have 2 advantages over staff text for this: they go at the right vertical position without adjustment, and they make horizontal space automatically.
To place many words under a chant tone, for example, you can type Shift-Alt-Space between words to keep them in the same lyric object. See this thread for more details and some discussion.
If you just want lyrics with chords and no staff, there are much simpler tools to produce that.