Use the What You See Is What You Get (WYSIWYG) editor field type for editing content that allows both text and multimedia to be edited and styled within a single area.
This is content created in the WYSIWYG Editor field block.
Q: Are shortcodes expanded for this field type?
A: It depends on when the shortcodes are registered. They may be expanded on the front end but not when server side rendered.
Test shortcode: oik