Yes, there are numerous options available to format and style the text on your forms. To bring up the available options, highlight text on your form in the editor.
Options include:
Bold
Italics
Heading 1 (H1)
Heading 2 (H2)
Unordered list (bullet points)
Ordered list (numbers)
Hyperlink
Alignment (left, center, right)
Custom styles
Custom styles will only appear if you have at least one custom style created in Theme → Typography (denoted by the downward arrow in the above image).
Gotchas
Question titles and help text
Unlike text outside of any questions, question titles and help text support a subset of the generally available options, including: