You can set the elevations and tile types with the TE.
On the Terrain tab, type in the elevation, then right-click on the terrain to set the elevation. You can set individual vertex points, or groups of vertex points in one click.
Tiles are a drop-down list. Pick and set it. In the new TE, you can set the subtype of the tile as well (up to 4 variations per tile).
I am not really seeing anything in that program we do not have.
However, you do bring up one of the nice features of the terrain system. You can write your own utility programs to do what you need for the terrains.