"Allow rich text formatting" on in form field but not working

I am trying to populate the attached form and when I select the Prepare Form tool and right click within form fields to view Text Field Properties, "Allow rich text formatting" is checked. However I am unable to format any text entered into the fields. Why?

I have been using the form field on page 5 of the attached PDF to test this. 

I am using Acrobat Pro via an Adobe CC subscription, the app is up to date. I am on a Mac.