Yes, it very much depends on the type of content you're editing. My take is that if you don't care about tracking formatting changes, you don't really need Microsoft Word - many other tools could do better.
However, when you're a professional copy editor of non-fiction publications, a substantial part of your work will consist of checking little details, such as making sure the titles of books, magazines, and articles are formatted correctly and so on.
Potentially this could be used to remove some content (or make it appear removed) without it being highlighted. I doubt this is an issue in practice, considering there's a full audit trail and collaborators are usually trusted, but this is good feedback and we'll see if we can improve this.
Having said that, adding an option to include formatting changes is on our roadmap.