yes
No it is on the quick access toolbar.
A mini toolbar is a floating toolbar that appears when you right-click selected text or objects, providing quick access to common formatting options. In contrast, a Quick Access Toolbar is a customizable toolbar typically located at the top of an application window, allowing users to add frequently used commands for easy access. While the mini toolbar is context-sensitive, the Quick Access Toolbar remains static and can be personalized to suit individual workflow preferences.
Mini Toolbar
The Access Window
A mini toolbar gives you additional commands appears as you select and hover over text, or right click text in a document. it lets you change the font size, make the test bold, and all that stuff.
It is called the Mini Toolbar.
Option button
Select text, and then hover over the dimmed Mini Toolbar.
Mini Toolbar
mini toolbar
"Mini" toolbar
You may mean the formatting toolbar, which is usually on by default and can be used to format text, but has other uses too.