The Editor
When editing page blocks, news stories, profile biographies, etc, you are able to do so in a WYSIWYG (what you see is what you get) editor. This allows you to format text by adding headings, making text bold or italic, adding lists, links, emojis etc.
You can also embed tables and images in the text.
Note that the editor has its own built-in (simple) styles. Your site styles get automatically applied to your text once you save it.
Headings
It's important to structure your text well for three reasons.
Readability
Breaking up long blocks of text with headings describing the content makes your pages more readable.
Accessibility
Correctly 'chunking' the information on your page makes it easier for people who use screen-reader software to navigate it, more quickly finding the content they're searching for.
Search Engine Optimisation
Search engines will use your headings to help determine what your page is about and improve your rankings.
Pasting from programs like Word or Excel
By default, anything you paste into the editor (by using Ctrl+V, Cmd+V, or Edit > Paste) will be pasted as plain text. Most of the time this is what you'd want - it avoids lots of unnecessary formatting code from your Word document being added to your page which can lead to formatting oddities, or unwanted table cells around excel content.
However, sometimes you really will want all the formatting copied over. In that case, click Edit on the editor toolbar and untick the 'Paste as Text' option.
Site Styles
Some styles can be set on a site-wide basis if you have access to the Appearance > Elements area of the Dashboard. They won't be visible within the editor panel itself, but will be visible on the published page. The horizontal rule below is an example.