You don't need to have any conditional text, just the required formatting. Note that you need to apply highlighting to the I of IF, not a font colour.
Because you have 3 conditions and to need an IF test for each. That doesn't imply having a Condition1 field, a Condition2 field, and a Condition3 field; the same field can be tested for all 3 conditions. Hence:
{IF{MERGEFIELD Condition}= "HIGH" "→→↵
→→↵
→→" \* Charformat}{IF{MERGEFIELD Condition}= "MID" "→→↵
→→↵
→→" \* Charformat}{IF{MERGEFIELD Condition}= "LOW" "→→↵
→→↵
→→" \* Charformat}