Note that this says format text, not format entire item which has pre-selected 6 primary-secondary RBY colors.
It can be pre-selected colors like above but just not heavily de-saturated and brightened like item color highlighting format, Iâd personally suggest 12 colors and the CMYK set which somewhat offers more brighter (or developers can choose it to be dark and de-saturated) colors; example can be seen in the picture:
Note, both text font and highlight color.