I also noticed this! I think this was introduced because of the new Bases-Feature in the insider-release- I still have an older Version of Obsidian on an Android-Tablet, where Text-Wrapping in Properties seems to be better, but still not ideal → there it shows multiple lines, before it cuts off 
I totally agree with you and would propose the following UI-Solutions:
- either show the complete text of a property by default in a note - that should not be a big issue, because the user can always choose to collapse the entire property-section if it becomes too much
- or add an “expand-arrow” to the property-name that allows the user to expan the value-field of the property to show everything - but when not expanded the property only shows one line
- or show only one line by default, but expand the value field to show everything when the user clicks into it to allow for easy reading/edits - see also: Bases: Expand property fields when clicked
I really hope that the Obsidian-Team finds a good UX-Solution to this soon, as for now the UX of working with longer property-values is not ideal