Format list options missing inside Grid fields

If I set up a new field — say, a text input or text area — then alongside the Default text formatting drop down is the option to permit that formatting to be overridden on the Publish page. If I return to the field to edit it I also see the red ‘Edit list’ link (not sure why this is only available when editing an existing field and not when initially creating it, but anyway).

However, if I set up a similar field inside a Grid field (ie. as the Data type assigned to a column) then I do not get the override option, nor do I get the ‘Edit list’ link.

Is this a bug? Or is it expected behaviour? Because it seems inconsistent.