Italic is not a built in feature of Scratch's paint editor, but with some clever rotations and squishing, it can be done. Also, the scratch font is still here and can be used, just not from the dropdown. (obtained from a project I made in 2.0)
I thought of this in the car. Basically, I rotate the text, squish it, re-rotate it, then bring it back to full height. This actually is easier in 3.0 because you can just do it, while in 2.0 you had to use grouping. Well, actually, I first saw it in https://scratch.mit.edu/projects/273230878/, but at first I thought it might be a vector thing. It is confirmed to actually be italics because the font change affected it. Oh look, someone figured out before me: https://scratch.mit.edu/projects/272034309/ (but just barely)