yes, the round features are fat globules. I'm suprised they are so small in formula, compared to cow's milk, but I can rationalise it in terms of the processing. There will also be casein particles in formula and cow's milk, and human milk protein particles in breastmilk. YOu'd not see those with an optical microscpe, though, certainly not at 200x mag.
(colloid chemist signing in!)