If you absolutely need an "Illustrator-like" effect you can use 3D Text. The "outlines" will be Bézier and not pixelated as with the stroke.

Start with your text and convert it to 3D Text in the Text Inspector.
In the Materials section, set it to "Multiple".
Set the Front to Generic and the Color to Black.
Select the Front Edge and set the Color to Red.
Go back to the top and set the Depth to 0, then dial down the Front Edge Size and increase the Width to about 6 and the Front Edge > Depth to 0.
Duplicate the Title and place the duplicate below the original.
Go to Material > Generic > Color and set it to white.
The Front Edge color should already be black — if not — set it to black.
Set the Front Edge size > Width to taste.
The only visual problem with this method is you are going to get an overlapping edge you see with the middle character overlapping the first character. This can actually be removed if you go to Material > Generic > Brightness (white color) and dial it up to about 300%... but that might affect the "safe levels" if your concerned about "color correction".
The downside of this method is that it requires duplicating a title and creating two different outline effects as opposed to the Stroke effects that can be added multiple times to one title and everything you added to the one title can be saved for future use as a single "effect" (preset).