Indeed, that's how it should be showing for the 3ge editor. 3ge didn't have as many text formatting design defaults available, just general text and links. If you want additional text formatting defaults available, I'd advise creating a template in the CPE.
To easily find CPE templates available in your account, you can search on the template selection screen for "cross" or "cross device," and select one of the options that pops up. You should notice that the sidebar and top save/undo/etc. bar looks significantly different in coloring and options.
For more info on creating emails using the CPE
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