How to customise “last modified on” text + Schema

Hi Team, I have 3 questions:

1). my posts are showing last modified date on all the posts. But I want to make changes in the text which appears, for ex – I would like to mid align the text, make it in bold, and change the colour of the text to blue

2). I would like to remove the name of the author from last modified info, how to do this?

3). For Google and other search engines to know that my posts have a last updated date, what should be the option in the schema dropdown, I can see options actually – Default, Inline and Compatibility?

Many thanks in advance for your help on this,

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