How do I use formatting escape character in std::format

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C++20

in C++ 20, there is a new method for formatting strings, called std::format.
However, its hot clear how (and would it be possible) to format the output, especially float values where you would want to control how many digits after the decimal point, should be printed.

What I have tried:

Using { and } (for example std::format("The value of X is {}", x) but {} isn't specific for what and how should be formatted.