The "shift" feature of the tilt-shift is used to correct for perspective distortions. You can do this in Photoshop but it usually requires that you provide a lot of extra room round your subject of interest (and the edge of the frame) because after fixing the perspective, the previously "rectangular" image will not be "trapezoidal" and you have to crop it back to a rectangle. So shoot wide! With a true tilt-shift, this isn't a problem.
The "tilt" feature of the tilt-shift alters the plane of focus (not used for perspective correction.)
Here's an example of the perspective distortion correction using the "shift" feature of my TS-E 24mm f/3.5 lens.
Uncorrected:
Corrected:
Whether you use Photoshop vs. a tilt-shift lens, be careful when applying the correction because the human eye EXPECS tall objects to get narrower as they go up. If you apply a "perfect" correction, the image may give the optical illusion that it's getting wider as it goes up. I learned to straighten the object until "perfect"... and then back it off just a tiny amount (no longer perfect) to make it look more natural to the brain.