SQL Server 2016 SSMS Json Formatting
Azure Data Studio will do most of what you want.
Run your query:
Clicking on the RESULTS will open a new tab with formatted JSON:
I just want to add that the "MsSql Extension" for VS Code is really starting to be very useful with the kind of JSON support that you would expect.
It doesn't replace SSMS but works for basic SQL work and when you click on a JSON column it actually opens in formatted JSON! The added bonus is that I usually have VS Code open for other things anyway these days.