What is the problem this feature will solve?

Currently, using multiple styles with util.styleText() is slightly verbose:

console.log(
  util.styleText('bold', util.styleText('red', 'Bold and red!')),
); 

What is the feature you are proposing to solve the problem?

Maybe multiple styles per format string could be supported – e.g.:

console.log(
  util.styleText('bold+red', 'Bold and red!'),
); 

Downside: It would make autocomplete in IDEs less straightforward if not impossible.