I just posted a feature request and thought it might be interesting to also post it here and see what the community thought.

What is the feature that you would like to have added?

When composing text, I want to select existing text and and format it, by adding a hyperlink or enriching it as (e.g.) italics

Solution

When I preselect unformatted text and

…tap to add a hyperlink, my selected text should be populated in the “show text” field.

…tap italics, my selected text should be wrapped in the formatting characters.