These are very quick actions - they take seconds. It's a bit strange to call this laborious. You can use keyboard shortcuts for this. You do not need to wait for right-click menu to appear to press S for subdivide, use Ctrl+X to dissolve as well so these every-day modelling actions should be quite comfortable:
You could use the knife tool(k) to create the vert in place and connect it to the other one with an edge. You do somewhat loose precision of placement of the vert because you can't use all snapping functionality you could with transform operations. Axis constraining works with with knife tool though:
You could also use Auto Merge with Split Edges and Faces enabled so you could simply duplicate the vert(Shift+D) and move it. It will get disconnected, but it will split the edge if you place it exactly on the edge so if you can constrain the transform in the direction of the edge that might be it. You need the edge to match one of the axis, or have a custom transform orientation made from the edge before, but it's possible:
Alt + D calls an operator that is called Extend Vertices. It is sensitive to mouse position, so you need the mouse to be in the triangle for it to work: