@Anonymous
Going to wait till end of week to test as to not disrupt anything.
From what I can tell PowerAutomate should be unaffected depending on how you're using the text/string, but if you have a PowerApps that uses that SP list you might run into issue there with an edit text box being set to TextMode.SingleLine as opposed to TextMode.MultiLine.
I'll be back with results as I will need to make this change.