1. 1
2. 2
3. 3
4. 4
5. 5
6. 6
7. 7
8. 8
9. 9
10. 10
11. 11
12. 12
13. 13
14. 14
15. 15
16. 16
17. 17
18. 18
19. 19
20. 20
21. 21
22. 22
23. 23
24. 24
25. 25
26. 26
27. 27
28. 28
29. 29
30. 30
31. 31
32. 32
33. 33
34. 34
35. 35
36. 36
37. 37
38. 38
39. 39
40. 40
41. 41

From https://help.obsidian.md/Editing+and+formatting/Obsidian+Flavored+Markdown:

> Obsidian supports [CommonMark](https://commonmark.org/), [GitHub Flavored Markdown](https://github.github.com/gfm/), and [LaTeX](https://www.latex-project.org/). **Obsidian does not support using Markdown formatting or blank lines inside of HTML tags**.

Emphasis by me. Now, let's see...

```markdown
<div>
  <p>
A. Plain
**Bold**
_Italic_

B. Plain ==Highlight== [[Roadmap]]
  </p>
  <p>C. Plain **Bold**</p>
</div>
```

<div>
  <p>
A. Plain
**Bold**
_Italic_

B. Plain ==Highlight== [[Roadmap]]
  </p>
  <p>C. Plain **Bold**</p>
</div>

```markdown
<span>D. Plain **Bold** ==Highlight==</span>
```

<span>D. Plain **Bold** ==Highlight==</span>

---

Obsidian renders every inner text as un-styled plain text in editing view. However, in reading view, it renders A and C as plain text but B and D as normal styled Markdown content.

They seems to use customized parser for the editing view and existing CommonMark (or GFM) parser for the reading view.