We’ve been using Ellipsis in our desktop & web software for years. We love them too.
On the note of “5. Ellipsis = “More characters””.

When showing a list of text items for a user to select (in a drop down, for instance), Material Design isn’t so keen on tooltips for text; which we typically invoke when an item is too long and has suffixed with an ellipsis.
https://material.io/guidelines/components/tooltips.html

With a MD hat on, what do you think of
being consistent in showing tooltips for items you can see quite clearly in addition to longer items with ellipsis.
vs
only showing tooltips for the longer items, not for the text that fits.
vs
never showing tooltips for text items