As I've already said, no Word version has had such a feature. Maybe you were previously using a different word processor, or Word with a 3rd-party addin. If you want to format all bookmarks with green italics, that can be done easily enough with a macro, but that would by no means be dynamic:
Code:
Sub BookmarkIdentifier()
Dim BkMk As Bookmark
For Each BkMk In ActiveDocument.Bookmarks
With BkMk.Range.Font
.ColorIndex = wdGreen
.Italic = True
End With
Next
End Sub
Furthermore, without additional code, you could end up with non-bookmarked content being formatted with green italics (eg because a bookmark gets shortened or deleted). And, even with the above code, you won't see any green/italic text if the bookmark is in a field (e.g. and ASK field or SET field) or doesn't span any text (i.e. all you see in the document is the I beam).
In any event, none of this guarantees that "every hyperlink must go to a specific bookmark".