Get Field Manage Display configuration in node preprocess
As @googletorp commented, the field should be rendered automatically considering the Manage Display configuration.

In my case [I was a node which has reference to paragraph A and A has reference to paragrapgh B which has a date field. The twig template markup needs heavy customisation so I was preprocessing the data to make it consumable by custom twig templates, now in order to get the date field show on node I have to load referenced paragraph entites and map the fields, because of which the fields was not rendering through the '#theme' => 'field' and Manage Display configs were not working.

But in order to make it working while mapping the field values we can can actually call for rederable field definition, something like

$date = $entity-&gt;field_date-&gt;view('full');