Find and Replace with New Formatting

Is it possible to do a find and replace with different formatting? For example, say I want to Highlight every “Emma” in the document. In Word, I would use the Find/Replace function and select it to replace “Emma” with a highlighted “Emma”.

Is this possible to do?

Is this something you need to do forever, or just help with a current task? If the latter, consider using Project Search for “Emma”. This will highlight the phrase wherever it is found. It is of course only a temporary highlight, but remember that the last search you did can always be easily retrieved by clicking on the “Search Results” tab in the collections view (the icon next to the binder icon on the toolbar). So you can go investigate something, then come back to the search results where the key word is highlighted.