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.
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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.