It's true that multiple choice questions support the Rich Content Editor, but that is not supported for fill in the blank questions, and some math people are not okay with converting everything into multiple choice.
The fill in the blank question type should to support the Rich Content Editor, either. You cannot reasonably expect students to go through and know how to get a Unicode symbol for infinity ∞ and type that in.
Using Essay questions is how you get access to the equation editor in a non-multiple-choice format, but then you have to grade it yourself.
Your only real choices right now for anything beyond a simple numeric decimal answer right (1) multiple choice if you want automatic grading or (2) essay if you want the students to enter the results.
And math people who wan't accept multiple choice should be grading it themselves because Canvas doesn't recognize or understand mathematics. It doesn't know that 2^0.5, 2^.5, sqrt(2), and 2/√2 are the same thing. If you had the Rich Content Editor enabled, someone might even use the equation editor and then you're looking at all of the various ways that you could write it with LaTeX. Fill in the blank questions need to match exactly in legacy quizzes although you can use regular expressions. Still Canvas doesn't understand math.
Asking Canvas to automatically grade math is like asking it automatically grade an essay written in a foreign language. It's the same question type -- essay. To Canvas, that's just a bunch of characters and it makes no attempt to understand it. Until such time as Canvas understands how to interpret math (my tea leaves say a 3rd party would have to develop that), you should use specialized software that understands mathematics or plan on grading it yourself. Or resign yourself to using multiple choice.
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