No, formaldehyde is not a formal hiding place. Formaldehyde is a strong-smelling colorless gas. Depending on what other elements are combined with it, formaldehyde is used for embalming, manufacturing, and all kinds of other things.
Formaldehyde is really good at helping things stick together, which is why it's often used in making things like particleboard and some insulation materials found in buildings. It’s also found in some glues and paints. Besides helping things stick, formaldehyde is famous in science labs for preserving biological specimens, like animals and plants, so that they can be studied without decaying.