HTML tags added to an HTML field on a form are not rendering correctly on the Activity Formatter

Raw HTML tags added to an HTML filed on a form are displayed in the Activity Formatter.

1. Navigate to Incident > All.
2. Open any incident record.
3. Click the menu icon .
4. Select Configure > Form Layout.
5. In Create a new field, add an HTML field.
6. Add HTML code with tags (for example, <b>TEST</b>).
7. Add the HTML field to activity formatter.
   Note that the following is displayed instead of <b> TEST </b>:
   
   <p>&lt;b&gt;1&lt;/b&gt;</p>

This is expected behavior.