Showing the entire description in the tooltip when hovering over a component in the asset panel can create a large amount of text that is not necessary to understand the usage of the component or to choose a component.

Keeping the description short will prevent adding more important information in dev mode or under the component description in the right panel (or in the new modal when it returns)

My suggestion is to add another field (header, summary) above the description, that will be shown on the tooltip in the asset panel, where the full description will be shown in Dev mode and in the right panel.

Alternatively, maybe it is enough to truncate the tooltip after a few lines of text, this way the author can decide what will be shown in the tooltip and what will only be visible in the description