Every piece of text on a map has a symbol that is used when it is drawn. Formatting tags work by temporarily modifying this 'base' text symbol and drawing the specified portion of the text with the formatting specified in the tag. The controls on the Draw toolbar and in the Symbol Selector always reflect the properties of the base text symbol for the selected piece of text and do not reflect modifications made using formatting tags. So for example, if you use the tag to change the font of a piece of text, the Font dropdown in the Draw toolbar will not reflect this change when this text is selected on the map; it will show you the font of the text's base symbol