

Do these two mean the same? Yes, near enough. However, your first example is passive.
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HUBLOT- Something such as a crisis plays itself out.- Something such as a crisis plays out.Do these two mean the same?Yes, near enough. However, your first example is passive. Strictly, the crisis did not play out or play itself out, but someone/something played out the crisis. In terms of meaning, the difference may not be hugely important.
HUBLOTDoes "play (itself) out" sound formal?No, not especially. It is neither noticeably informal nor noticeably formal.