I'd still prefer honest-to-goodness string interpolation. Formatting functions with positional placeholders need a linter to be kept (vaguely) maintainable, and I suspect that formatting functions with named placeholders would be difficult to make acceptably ergonomic or performant in Java.
As far as I can tell, there is no performance degradation from the recursive interpolation; the editor reads, interpolates key/value pairs, and substitutes the resulting values into R Markdown documents riddled with up to a thousand simple formulas in about 600 milliseconds (on my desktop computer).
Also, the editor provides a way to maintain the interpolated variables in a tree-like view:
