Add option in Record Rules to use a formula on field submission before entry into database

It would be great if we could use a formula to edit field entries when submitted, prior to entering them into the database. For example, use upper( ) to automatically capitalize text. This would save time and reduce the amount of data validation required.

Example: An app that collects participant codes in a form. These must be capitalized alphanumeric codes. Users should be able to enter abc123 and have it converted to ABC123 without needing to use data validation to stop them from entering lowercase. If we have a table showing all of their codes, they should see the edited code immediately after submitting the form.

I know we could use a text formula in another column field behind the scenes, however there appears to be no way to replace the field with the text formula result in real time so the user sees the corrected code in a table as they enter them.

There are other use cases as well, for example cleaning punctuation out of text as the user submits it to avoid the need for more validation, etc.

Ideally it could be another option here in the Record Rules:

Please let me know if there is any way to do this with Javascript!