Workfront thankfully added rich text in the update field but the formatting does not carrying into reports. Am I missing something that would allow this to carry into reports?
If not, I found a post in the Innovation Lab from 2018 on the topic if anyone else would find this beneficial and wants to vote for it.
Rich text updates (also known as notes) are not supported in a report unless you use the rich text custom field within a custom form, so you're not missing anything and voting on that idea is still probably the right way to go.