Can’t find basic text editing tools

Hello! I can’t seem to figure out how to make use of very basic formatting while in a “text” component. Some common hotkeys seem to work (ctrl+u or i or b), but I can’t find a menu or list of options. I’m talking about formatting like turning certain parts of a text block into an unordered list, or a few words into a link, or embedding a small image. Am I missing something?

This shortcode method seems to make it possible, but it’s a huge inconvenience when I have a bunch of different places to format, and I want to see my content on the page while I’m working.