Did you apply the number formatting to the text block itself? Formatting of the field elsewhere in layout mode has no effect on how it appears elsewhere, even on the same layout.
Text blocks with merge data have to be formatted at the text block level; you cannot select part of the text block.
That also means that if there is more than one "numeric" bit of data merged within the text block, all items of the same data type will be formatted the same in that block.
If you want the data to appear as 2-decimals (or less) everywhere in the solution, you need to set the field definition itself to auto-enter via calculation to Round to 2 places right at the data level.
Thank you stephen.