To format date in workflow, you can use the Php date function. The capability is not well described in Bitrix documentation but you can refer to the Php manual for the formatting that will work for your needs. In the above example, I was trying to get the date to be formatted to DD.YY to represent the claim period based on submission date.
Other expression or functions that you can use in workflow can be referred to the Bitrix e-training module.
The above is to automatically populate Submission DateTime field with system date.
Workflow capabilities is only available on Standard and Professional Plan. This allows you to build new capabilities such as automation and executing business process.