While it's possible, it currently requires custom CSS to remove formatting.
For example,
userchrome.css
/* Unstyle headers */
.cm-editor .cm-headerLine {
font-size: inherit;
font-weight: inherit;
}
/* Unstyle bold */
.cm-editor .tok-strong {
font-weight: inherit;
}
/* Unstyle italic */
.cm-editor .tok-emphasis {
font-style: inherit;
}
/* Unstyle links */
.cm-editor .tok-link {
color: inherit;
opacity: inherit;
}
/* Unfade URLs */
.cm-editor .tok-link.tok-url {
opacity: inherit;
}
/* Unstyle code blocks and inline code */
.cm-editor .cm-line.cm-codeBlock,
.cm-editor .cm-inlineCode {
background-color: unset;
border: unset;
/* Makes code blocks use the same font as other content */
font-family: inherit;
}