I have a string stored in my localStorage with the HTML tags since I use ngx-quill (Angular Rich Text Editor) which stores the data in HTML formatted text.
This is what my localStorage looks like:

As you can see from the picture above, in description, there is p tags.
Is there any way I can display it on Angular page without the tags?

You need to use innerHTML and make sure that you trust the HTML if it contains script tag else Angular will throw an error.
Do the following, create a safeHTML pipe:
import { Pipe, PipeTransform } from '@angular/core';
import { DomSanitizer, SafeHtml } from '@angular/platform-browser';
@Pipe({ name: 'sanitizeHtml' })
export class SanitizeHtmlPipe implements PipeTransform {
constructor(private sanitizer: DomSanitizer) { }
transform(html: string): any {
return this.sanitizer.bypassSecurityTrustHtml(html);
}
}
and then use this with innerHTML like this:
<span [innerHTML]="description" | sanitizeHtml"></span>
Use: [innerHTML] for that, for example:
<div [innerHTML]="data.description"></div>