I’ve inserted a rich text box as one of my survey questions. When I set up the Review Action or try to pull the answer into another part of the survey, the HTML is displayed as plaintext instead of formatting the answer.
It looks like you have spaces in your HTML – hard to say just by looking.
If I were trying to accomplish what you have typed above, I’d do it like this (feel free to copy/paste into your survey to see if it works):
<p>test email copy. <b>this should be bold.</b></p>