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1. the field can have "formatting" applied while in Layout mode.
2. the contents of the field can be pasted (with styles) or manually changed with the menu "Format". And as philip says, programmatically changed by functions.
These are the "styles" that FileMaker uses with the GetAsCSS(field). The formatting styles applied with #1 can be changed by #2. You might also study the GetAsSVG() function.