What do you mean by "format"? Word works on the Character and
Paragraph level. You can alter any one paragraph (or character), or
all the paragraphs with the same style, and you can have an unlimited
number of different styles.
Maybe what you're looking for is what Word calls a Theme? A Theme
contains lots of paragraph styles that are designed to look good when
you use them together, and you can change the Theme with a single
click, or you can assemble your own.