of course if you explore the finalprinting side of it with 3D Builder on Windows 10 you'll notice it has some abilities for adding embossed text built in with it so you might only need to do the tag's geometry in your imaging tool, and then finish there. Me, I prefer however to visualie various renderings before going to print. PS has a whole gammut of rendering options in 3D. You should easily get to something like this in straight PS. Just explore the 3D menu options, especially greyscale. For example start with black background, draw the tag's shape and fill it mid-grey, add a punched hole, add some raised (brighter) text. Blur it slightly for raised transitions.