import {RowReorderService} from '@progress/kendo-angular-grid';
import {ColumnList} from '@progress/kendo-angular-grid/columns/column-list';
import {Injectable, RendererFactory2} from '@angular/core';

@Injectable(
  {providedIn: 'root'}
)
export class AttributesListingRowReorderService extends RowReorderService {

  constructor(rendererFactory: RendererFactory2) {
    super(rendererFactory.createRenderer(null, null));
  }

  public override getDefaultHintText(_columns: ColumnList, data: any[]): string {
    const draggedDragRow = (this as any).getDragRowPerElement((this as any).dragTarget, data);
    const draggedDataItem = draggedDragRow?.dataItem;
    return draggedDataItem.functionalName;
  }
}

export class EntityAttributesListingComponent implements OnInit, OnDestroy, AfterViewInit {
  attributesListingRowReorderService = inject(AttributesListingRowReorderService);
  @ViewChild(GridComponent) grid!: GridComponent;

  ngAfterViewInit(): void {
    this.grid.rowReorderService = this.attributesListingRowReorderService;
  }
...
}

Other aspects of the hint can be customized using the same approach.
Enjoy