diff --git a/packages/annotations/package.json b/packages/annotations/package.json
index 47ab161e05723..c9e744157c65b 100644
--- a/packages/annotations/package.json
+++ b/packages/annotations/package.json
@@ -27,7 +27,6 @@
 		"@wordpress/i18n": "file:../i18n",
 		"@wordpress/rich-text": "file:../rich-text",
 		"lodash": "^4.17.11",
-		"memize": "^1.0.5",
 		"rememo": "^3.0.0",
 		"uuid": "^3.3.2"
 	},
diff --git a/packages/block-editor/src/components/rich-text/index.js b/packages/block-editor/src/components/rich-text/index.js
index a0a1408359681..3cd7a4ac8dd0e 100644
--- a/packages/block-editor/src/components/rich-text/index.js
+++ b/packages/block-editor/src/components/rich-text/index.js
@@ -88,8 +88,18 @@ const globalStyle = document.createElement( 'style' );
 
 document.head.appendChild( globalStyle );
 
-function pickPropsByPrefix( props, prefix ) {
-	return pickBy( props, ( value, key ) => key.startsWith( prefix ) );
+function createPrepareEditableTree( props ) {
+	const fns = Object.keys( props ).reduce( ( accumulator, key ) => {
+		if ( key.startsWith( 'format_prepare_functions' ) ) {
+			accumulator.push( props[ key ] );
+		}
+
+		return accumulator;
+	}, [] );
+
+	return ( value ) => fns.reduce( ( accumlator, fn ) => {
+		return fn( accumlator, value.text );
+	}, value.formats );
 }
 
 export class RichText extends Component {
@@ -200,7 +210,7 @@ export class RichText extends Component {
 			range,
 			multilineTag: this.multilineTag,
 			multilineWrapperTags: this.multilineWrapperTags,
-			prepareEditableTree: Object.values( pickPropsByPrefix( this.props, 'format_prepare_functions' ) ),
+			prepareEditableTree: createPrepareEditableTree( this.props ),
 			__unstableIsEditableTree: true,
 		} );
 	}
@@ -211,7 +221,7 @@ export class RichText extends Component {
 			current: this.editableRef,
 			multilineTag: this.multilineTag,
 			multilineWrapperTags: this.multilineWrapperTags,
-			prepareEditableTree: Object.values( pickPropsByPrefix( this.props, 'format_prepare_functions' ) ),
+			prepareEditableTree: createPrepareEditableTree( this.props ),
 			__unstableDomOnly: domOnly,
 		} );
 	}
@@ -517,19 +527,6 @@ export class RichText extends Component {
 		}
 	}
 
-	/**
-	 * Calls all registered onChangeEditableValue handlers.
-	 *
-	 * @param {Array}  formats The formats of the latest rich-text value.
-	 * @param {string} text    The text of the latest rich-text value.
-	 */
-	onChangeEditableValue( { formats, text } ) {
-		Object.values( pickPropsByPrefix( this.props, 'format_on_change_functions_' ) )
-			.forEach( ( eventHandler ) => {
-				eventHandler( formats, text );
-			} );
-	}
-
 	/**
 	 * Sync the value to global state. The node tree and selection will also be
 	 * updated if differences are found.
@@ -543,10 +540,15 @@ export class RichText extends Component {
 		this.applyRecord( record );
 
 		const { start, end, formatPlaceholder, selectedFormat } = record;
+		const changeHandlers = pickBy( this.props, ( v, key ) =>
+			key.startsWith( 'format_on_change_functions_' )
+		);
 
-		this.formatPlaceholder = formatPlaceholder;
-		this.onChangeEditableValue( record );
+		Object.values( changeHandlers ).forEach( ( changeHandler ) => {
+			changeHandler( record.formats, record.text );
+		} );
 
+		this.formatPlaceholder = formatPlaceholder;
 		this.savedContent = this.valueToFormat( record );
 		this.props.onChange( this.savedContent );
 		this.setState( { start, end, selectedFormat } );
@@ -949,12 +951,12 @@ export class RichText extends Component {
 		}
 
 		const prefix = 'format_prepare_props_';
+		const predicate = ( v, key ) => key.startsWith( prefix );
+		const prepareProps = pickBy( this.props, predicate );
+		const prevPrepareProps = pickBy( prevProps, predicate );
 
-		// If any format props update, reapply value.
-		if ( ! isShallowEqual(
-			pickPropsByPrefix( this.props, prefix ),
-			pickPropsByPrefix( prevProps, prefix )
-		) ) {
+		// If any format prepare props update, reapply value.
+		if ( ! isShallowEqual( prepareProps, prevPrepareProps ) ) {
 			const record = this.formatToValue( value );
 
 			// Maintain the previous selection if the instance is currently
@@ -1005,7 +1007,7 @@ export class RichText extends Component {
 		return unstableToDom( {
 			value,
 			multilineTag: this.multilineTag,
-			prepareEditableTree: Object.values( pickPropsByPrefix( this.props, 'format_prepare_functions' ) ),
+			prepareEditableTree: createPrepareEditableTree( this.props ),
 		} ).body.innerHTML;
 	}
 
diff --git a/packages/rich-text/package.json b/packages/rich-text/package.json
index 096b3faa12499..b2a0f0165b40d 100644
--- a/packages/rich-text/package.json
+++ b/packages/rich-text/package.json
@@ -25,6 +25,7 @@
 		"@wordpress/compose": "file:../compose",
 		"@wordpress/data": "file:../data",
 		"@wordpress/escape-html": "file:../escape-html",
+		"@wordpress/hooks": "file:../hooks",
 		"lodash": "^4.17.11",
 		"rememo": "^3.0.0"
 	},
diff --git a/packages/rich-text/src/register-format-type.js b/packages/rich-text/src/register-format-type.js
index 98047d7ce8c51..eb6d48c9e5636 100644
--- a/packages/rich-text/src/register-format-type.js
+++ b/packages/rich-text/src/register-format-type.js
@@ -10,16 +10,6 @@ import { select, dispatch, withSelect, withDispatch } from '@wordpress/data';
 import { addFilter } from '@wordpress/hooks';
 import { compose } from '@wordpress/compose';
 
-function getPropsByPrefix( props, prefix ) {
-	return Object.keys( props ).reduce( ( accumulator, key ) => {
-		if ( key.startsWith( prefix ) ) {
-			accumulator[ key.slice( prefix.length ) ] = props[ key ];
-		}
-
-		return accumulator;
-	}, {} );
-}
-
 /**
  * Registers a new format provided a unique name and an object defining its
  * behavior.
@@ -140,10 +130,17 @@ export function registerFormatType( name, settings ) {
 
 			const Component = ( props ) => {
 				const newProps = { ...props };
-				const propsByPrefix = {
-					...getPropsByPrefix( props, selectPrefix ),
-					...getPropsByPrefix( props, dispatchPrefix ),
-				};
+				const propsByPrefix = Object.keys( props ).reduce( ( accumulator, key ) => {
+					if ( key.startsWith( selectPrefix ) ) {
+						accumulator[ key.slice( selectPrefix.length ) ] = props[ key ];
+					}
+
+					if ( key.startsWith( dispatchPrefix ) ) {
+						accumulator[ key.slice( dispatchPrefix.length ) ] = props[ key ];
+					}
+
+					return accumulator;
+				}, {} );
 				const args = {
 					richTextIdentifier: props.identifier,
 					blockClientId: props.clientId,
diff --git a/packages/rich-text/src/to-dom.js b/packages/rich-text/src/to-dom.js
index 9ebe8365a25ba..33cc08b27e47d 100644
--- a/packages/rich-text/src/to-dom.js
+++ b/packages/rich-text/src/to-dom.js
@@ -113,12 +113,6 @@ function remove( node ) {
 	return node.parentNode.removeChild( node );
 }
 
-function prepareFormats( prepareEditableTree = [], value ) {
-	return prepareEditableTree.reduce( ( accumlator, fn ) => {
-		return fn( accumlator, value.text );
-	}, value.formats );
-}
-
 export function toDom( {
 	value,
 	multilineTag,
@@ -128,11 +122,15 @@ export function toDom( {
 	let startPath = [];
 	let endPath = [];
 
-	const tree = toTree( {
-		value: {
+	if ( prepareEditableTree ) {
+		value = {
 			...value,
-			formats: prepareFormats( prepareEditableTree, value ),
-		},
+			formats: prepareEditableTree( value ),
+		};
+	}
+
+	const tree = toTree( {
+		value,
 		multilineTag,
 		createEmpty,
 		append,
diff --git a/packages/rich-text/src/unregister-format-type.js b/packages/rich-text/src/unregister-format-type.js
index 6f6741183ee16..a70c1d1d417f2 100644
--- a/packages/rich-text/src/unregister-format-type.js
+++ b/packages/rich-text/src/unregister-format-type.js
@@ -22,10 +22,7 @@ export function unregisterFormatType( name ) {
 		return;
 	}
 
-	if (
-		oldFormat.__experimentalCreatePrepareEditableTree &&
-		oldFormat.__experimentalGetPropsForEditableTreePreparation
-	) {
+	if ( oldFormat.__experimentalCreatePrepareEditableTree ) {
 		removeFilter( 'experimentalRichText', name );
 	}