Say you have a Date field called "Date" with the format 07/05/23. And you want to have another Date field that is the same date as "Date" but in a different format, say "July 5, 2023". There is a very easy way to do this using Formula fields and the PARSEDATE function
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1. Create the "Date" field

We'll just create a date field and leave the format as 07/05/23.
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2. Create the "Date 2" field using PARSEDATE

When creating the "Date 2" field, instead of selecting "Date" as the field type, select "Formula." Then in the formula input box type:

PARSEDATE({Date})

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Next, navigate to the "Format" dropdown and select this format "July 5, 2023" (keep in mind the actual date you see for this format will be different).

Find more Formula use cases below: