This doesn’t quite do the job, however, because it’s actually a sequence of boxes being drawn at the baseline, and the content floating inside it. These do not compose with plain-text:
I’m unfortunately not aware of a box variant/mode that does not affect the baseline in the way you need it. However, box lets you adjust the baseline so you can visually shift everything to where you need it. With the exact code you posted, 22% looked rightEDIT since your inset is 0.3em, that’s how much you need to adjust the baseline (thanks @Eric):
As in this case, the baseline difference is only due to to box’s bottom inset, you can as well just use the 0.3em for the baseline instead of guessing the 22%.
x-inset + y-outset is the go-to style for inline raw in most of my documents and it served me pretty well.
I think this also has the added benefit of not affecting line spacing, in case the baseline option does, I’m not 100% sure about that. But this also means for tight line spacing this will intersect with the other lines.