How we can have layout options at time of node creation just like we select in panels and display suite
It sounds like what you really want is something like the Paragraphs module:

https://www.drupal.org/project/paragraphs

It's a good solution for creating flexible, yet structured, content.

Take a look at this video for a good idea of the promises (and pitfalls) of this approach:

https://www.oomphinc.com/notes/2018/11/component-based-design-system-drupal-8-paragraphs/

EDIT: It's not a video, but here's a good place to start with Paragraphs for Drupal 7:

https://www.drupal.org/node/2605424

And since you are familiar with Display Suite, you might find this to be helpful:

https://stackoverflow.com/a/40479965