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This guy did a pretty excellent job: https://canvas-editor.com/demo
... but it's closed source.
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This is the most approachable actively maintained open source project I could find: https://github.com/Hufe921/canvas-editor
OnlyOffice is AGPL but they use a canvas: https://github.com/ONLYOFFICE
Collabora Online also uses canvase and is licensed under MPL 2: https://github.com/CollaboraOnline/online
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Hmmmm regardless, I'm beginning to think the only right way to implement an in-browser WYSIWYG is to use an HTML canvas. Kind of like Figma - control the pixels yourself.