I better understand your concern and objection now. Thanks for clarifying.
Regardless of the length, since this is an indicator of additional information beyond the action that may or may not be used, the prominence at the beginning of line 2 creates visual design noise (i.e., an additional dot is required, extra white space is introduced, different use of icons is required, etc.)
Simplicity in design should place the anchor elements (i.e., project and context) in this position of prominence followed by an indicator of additional optional information (i.e. Notes)
FWIW, I also believe the proposal looks better aesthetically.
Finally, thanks for this discussion. This was precisely my intent.
Cheers.