Some experimentation shows that, for me at least (Chrome/Edge on Mac), if you use normal selecting eg with the mouse or just shift-arrow, then shortcuts like Cmd-B and Cmd-I work fine for formatting. But if you use Opt-Shift-Arrow to select a word, then the formatting shortcuts don't work. In fact, using Opt-Shift-Arrow to select and then simply tapping the Command key gets you "chucked out of the editor" as others have described.
This is both with and without the (original) Tampermonkey script.
I also suspect the cause of the original problem still occurring in bulleted lists is that the shortcut was hijacked for indentation so they decided to keep that hijack in situations where you might want to use it. I disagree with that decision but there is at least some logic to it.
There is no logic, however, to how using Opt-Shift-Arrow to select text then stops the Command key working properly. Seems like a very buggy quick fix without adequate QA. (Although personally, being old-school, I almost never use formatting in emails!)
Thanks Dimitri for the updated tampermonkey script. I'm not sure how much of this new bug Tampermonkey can fix though, because we want Outlook to see the Command key for formatting.