@tristan-breon-1 You need to make an assignment and use the html property:
$w("#text88").html = $w("#text88").text.replace(/<a/g,`<a style="color:#006bd7; text-decoration: underline;"`);
Or using split-join:
$w("#text88").html = $w("#text88").text.split("<a").join(`<a style="color:#006bd7; text-decoration: underline;"`);