Without sounding sarky about it:
Yes I know it stores
just the path data, not filled paths.
however, printers that have been producing line work for us are quite happy with vector path information stored within.
Illustrator does the same thing if you export the paths only, both types of export open happily in studio max as spline objects, ergo they could be used, dependent on software used, to generate shapes for laser cutting vinyl.
Work that is being used for the shape itself does not require there to be line thicknesses or fills stored within the path structure itself, since they are superfluous to the actual needs of the program being used to produce line based finished products.
I am unaware of what flexi uses, since neither myself, nor the printers I use for vinyl use it, however I was asking a valid question and do not expect to receive curt answers for something genuinely inquired upon.
And
PS can create some very detailed vector work, yes it is not the primary package for vector creation, however, it is something that most people have access too, and if used correctly can produce vectors for use within other packages, which match Illustrator created ones. If you require final images to be produced within the same package however, then I agree, Photoshop should be expected to act as a limited use tool.