Today, we’re announcing that Microsoft 365 apps and services will no longer support Internet Explorer 11 (IE 11) by this time next year.    Beginning November 30, 2020, the Microsoft Teams web app will no longer support IE 11.  Update: The Microsoft Teams web app no longer supports IE 11 as of ...

Everybody got used to it, I know.
And there are way more font weights and styles than Bold and Italics, sure, especially in slow but inevitable advance of  whatever-you-slide-your-sliders fonts..
And some fonts prefer to display as separate entities in font families list, instead of being one family and several styles (sure Ai should merge them!)

But sometimes it is so much faster to press Ctrl+B and Ctrl+I while editing....
Unfortunately Ai don’t know what it is. It Pastes in Back and  Checks Spelling instead.

I think you should add these, and use them only when user is in text edit mode.
You should allow users to customize these too.