The Text attribute will allow you to enter any kind of additional text you want to see when you look at your item. This can be anything from the item name to a note that you want to leave for yourself or a team member in a certain item.
To add a Text attribute, leave the default value empty or type in a default text if you want to include it on all the items in a folder.
If you leave the default value empty, you will be able to create a different text for each item on the sidebar/modal.
The Text attribute is usually used for shorter text formats, while Long Text is used for longer documents, notes, and other pieces of text that you want to format with the help of the rich text editor.