The 'Find and Replace' feature in Google Sheets primarily targets text content and does not directly alter cell formats like font color or background. To modify cell formatting based on specific text, you can utilize 'Conditional Formatting' where you set rules to change the appearance of cells that meet certain criteria. For instance, to change the font color for cells containing the word "Complete", you would set a Conditional Formatting rule where the format is applied if the text contains "Complete".