In SwiftUI, how can we reuse a set of modifiers or make them into a kind of component to not repeatedly call them?

In SwiftUI we may have many pieces of code like this:

Text("Hello World")
  .padding(EdgeInsets(top: 3, leading: 3, bottom: 3, trailing: 3))
  .background(Color.blue)
  .cornerRadius(5)

However, as you or any other very experienced and professional developers may aware, we want to stay DRY and absolutely don't want to re-write the modifiers:

.padding(EdgeInsets(top: 3, leading: 3, bottom: 3, trailing: 3))
.background(Color.blue)
.cornerRadius(5)

for every Text(...) or Button or any other SwiftUI component.

It would be better to wrap the:

.padding(EdgeInsets(top: 3, leading: 3, bottom: 3, trailing: 3))
.background(Color.blue)
.cornerRadius(5)

in some kind of method or reusable component. I know how to do it in UIKit, but the question is how do we do that in SwiftUI's declarative way to build GUIs?

Here is how it is usually done with custom ViewModifier, plus depicts example of how it could be configured via parameters:

struct MyTextModifier: ViewModifier {
    let corner: CGFloat
    func body(content: Content) -> some View {
        content
            .padding(EdgeInsets(top: 3, leading: 3, bottom: 3, trailing: 3))
            .background(Color.blue)
            .cornerRadius(corner)
    }
}

extension View {
    func configured(with radius: CGFloat = 5) -> some View {
        self.modifier(MyTextModifier(corner: radius))
    }
}

struct MyTextModifier_Previews: PreviewProvider {
    static var previews: some View {
        Text("Hello World")
            .configured()
    }
}

Tested with Xcode 11.2, iOS 13.2