Refactor text overflow solution

[robin-thoene]

Is your feature request related to a problem? Please describe.
At different places inside the source code it is necessary to render text that is overflowing the width by shortening it and displaying three dots '...' at the end/start instead of the full text.

This code is duplicated and the refactoring should provide a centralized way to handle this without duplicating code.

Additional context
Caught attention in PR #2350 for issue #2172