it does for me (using 2010)
Process I used
1. create a new form
2. drag a query onto it - it will create a datasheet form
3. open form
4. click on subform
5. navigate to home>text formatting
6. format away
7. save and close the form
8. reopen form - formatting (including font) still in play
other ways I tried - this doesn't work
1. open query
2. format away
3. save the query
4. create a new form
5. drag the query onto it - a datasheet form will be created
7. open the form - format per query is lost
but this does work
1. open query
2. format away
3. save the query
4. create a new form
5. create a subform control, do not complete
6. in subform sourceobject put Query.nameOfQuery
7. swap to open form
8. formatting per original query displayed