I do like the Jumping Arrows for some cases where the text takes up more space than the size of the widget as seen in this blog post:
https://www.esri.com/arcgis-blog/products/experience-builder/announcements/whats-new-in-arcgis-exper...

But the ellipsis worked better for me when the Text Widget was in the List Widget:

When I migrated to DevEd v1.3 I didn't get the ellipsis anymore - and the jumping arrows didn't show up either. I tried some stuff with the Text Widget in a separate ExB project, but the jumping arrows didn't show up unless the height of the Text Widget was great enough (more than enough for a couple of lines of text at least).
Perhaps this issue with the jumping arrows could be fixed, but for my use case, I think the text is much more readable with the ellipsis and pop-up.