Is there a way to assigned Hotkeys for the Formatting Styles/Presets?

I mean the presets like TITLE, HEADING, SUB-HEADING, etc.

Is there any way to easily change the preset style for selected text and switch around?

I checked the Keyboard Shortcuts, and I couldn’t find them there.

Is there no way to do this?

Thanks!

I don’t think so (without using third party software), but the new version 3 (currently in late Beta) does have shortcuts for styles — these are the more powerful successors to formats.