My friend Steven suggested me to take a look at the free app Time Lapse Assembler. I've played with it a bit and am happy to report that it meets my current needs! Just put all your source image files into a folder and point the app to it.
|Time Lapse Assembler|
I find the Low quality setting to be sufficient, but as it will also output in smaller resolution, there is a need to check the Resize option to get the dimensions required. If your source images are already of the same aspect ratio as your final output, then you can also check Scale proportionally. Else your video output may appear squashed and flat due to the transformations done.
Last but not least, when will I still use Photoshop over this app? Well, when I need to do Ken Burns effect (i.e. panning and zooming) or add audio clips, still pictures, other video clips, etc. But this is a free app while Photoshop is not. And of course there is no stopping me from taking the output from this app and importing into Photoshop or other video editors to work on it further.