While not exactly the same, I use Move Line Up and Move Line Down. It will move multiple lines if they are selected. I have them bound to ⌥ + ↑ and ⌥ + ↓.
I was just notified that one can 4-click on a line to include the line break. That would shorten the workaround to
4-click > cut > select beginning of target line > paste
then the selection is inserted on a new line before the target line and there is no empty line to be removed manually. However, selecting the beginning of the line requires some mouse-aiming skill, especially for bullet points