Insert Field [CTRL + F2] > variables > Set Variable - insert button greyed out

I would like to insert a text format field via ‘Set variable’. I am not able to do so, the Insert button is greyed out and disabled, despite my attempts.

This occurs on a newly created document, as well as one I am trying to work on. running 24.8.4.2 on Windows 10.

Try giving a name, a value and double-click on the selected format.

What do you mean wit text format field? How do you intend to use it?