Canvas Assignments uses the same editor as pages and can definitely be spruced up. It depends on your level of interest and knowledge.
Here is a template that I try to use:
The key elements are the top image (changed per assignment), main four headings, and enough information to help students who were absent or not paying attention to directions (Gasp!).
The icons next to the headings are images.
In terms of MS-Word, our school focuses on Google Drive. Word documents can be uploaded onto Google Drive then inserted into an assignment using the Canvas Assignments LTI.
Of course, if you really want to get fancy then you are welcome to use the html editor on the backend and design columns (via div tags), etc.
Thank you for your help!!
Joseph Petrocelli, Detective- Commander (Ret.), M.A., M.A.
Teacher- Academy of Criminal Justice
Passaic County Technical Institute