That depends on the programmer.
Let's see some examples and usual practices.
PHP + HTML by blocks
In PHP files that combine with HTM content, you can open HTML-only segments, especially when you have to place a lot of HTML-only content.
To do this, the PHP tag is closed and the HTML code is written directly:
<?php
código php ...
?>
<h1>Esto es todo HTML</h1>
<p>Lorem ipsum</p>
... más contenido HTML
<p>Ya abriremos de nuevo PHP</p>
<?php
... sigue código PHP
In your example you could proceed like this, placing all HTML content in a block of HTML only:
<h1>Datos extraídos</h1>
<p><b>Dato:</b> texto de dato.</p>
<p><b>Otro dato:</b> texto de otro dato</p>
HTML + PHP with loops
One possibility is this:
<ul>
<?php foreach ($users as $user) { ?>
<li><?php echo $user->name ?></li>
<?php } ?>
</ul>
Another possibility is concatenating a variable:
Here we would always stay in PHP, without combining. Provide a more readable code:
<?php
$html="<ul>";
foreach ($users as $user) {
$html.="<li>".$user->name."</li>";
}
$html.="</ul>";
echo $html;
?>
Conclusion
These are just some possibilities. As it has been said, it is about code legilibity.
It's more if you want you can make code like this:
<?php echo "L" ?>
o
<?php echo "r" ?>
e
<?php echo "m" ?>
I hope you do not decide for this last possibility:)