Another option would be, either via a reference to another
cell where the long text is safely out of the way, or via the
a named "range" to store the text, to have something short in
the cell that's visible in the formula bar.

E.g., on another -- perhaps hidden -- sheet, have your long text
entered. Then, in the cell you're worried about --

='other sheet'!A1

or whatever.

=dman=