Thanks for clarifying, @Katherine_Duh!
As the original poster here (118 's and over 5k views later ), I’ve noticed that fellow commenters in the literary and book/magazine publishing worlds share our specific use case. We all want italics and bold formatting (at a minimum) so we can use Long Text fields to hold multi-paragraph rich text. This could then be copied/pasted or accessed by other means into other applications, simplifying various content-creation workflows that rely on formatted text.
Common needs for italicized text include: book titles, scientific terms, and phrases from Latin or other foreign languages. Bold formatting is primarily useful for headings, i.e. an author’s name before their bio. Other commenters outside the literary world seem to need this functionality for product titles and descriptions.