I think, its not the way it is meant to be used by Adobe, but GREP-Styles within paragraph styles allow you to play on a certain level with your request. Depending on your GREP criteria, you can select the whole paragraph or selective words or sentences. Here's an example to wrap two child styles with the paragraph style:
Excellent, thank you!
How did you generate that 'cite' tag? The only drop down options I get are: span, em, strong.
You do not need to select a predefined Tag from this dropdown. You can also type a custom Tag name in this field. But this does not work properly with all tags such as li, ul, ol ...
Sure enough, you can type a custom Tag name in that field. Due to an earlier experience, I'd been operating on the assumption that that was not possible. Glad to be wrong about it!
Thank you very much for your help on this.