Refactor text overflow solution

**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