Respect `allowed_formats` settings in \Drupal\text\Plugin\Field\FieldType\TextItemBase::applyDefaultValue

Problem/Motivation

Please credit larowlan, thoward216, wim leers, edwardsay, shitalb per 🐛 Text formatted with CKEditor within Canvas gets double escaped when output Needs work which uncovered this

Respect allowed_formats settings in

Steps to reproduce

TBD

Proposed resolution

TBD

Remaining tasks

TBD

User interface changes

TBD

Introduced terminology

TBD

API changes

None.

Data model changes

None.

Release notes snippet

None.