In ADMIN PANEL>>>CONFIGURATION>>>MY STORE>>>HTML Editor...

... have you enabled an Editor here, like "HTMLArea" ?

If you enable the editor, you will be able to apply basic HTML formatting to all descriptive text, including DEFINE PAGES, EZ PAGES, and PRODUCT DESCRIPTIONS.

HTMLArea has a "TOGGLE FUNCTION" indicated by " <> " in the edit console, so you can see the underlying HTML tags that define a text block.

You can - if you wish - use a professional (external) HTML editor to create your formatted text, then copy the base HTML code into HTMLArea (after toggling to display source code).

Fundamentally, you can format your text descriptions to be 72point Arial in Bright Purple, if you felt like it. You can also embed images, and many other valid html functions.