"Firstly, despite its name, the function doesn’t just set the text of a tooltip; it spawns a full tooltip widget, including sub-widgets to display and layout the text, as well as some helper objects. This is not ideal from a performance point of view. The other problem? Unreal does this for every tooltip in the entire editor, and there are a lot of tooltips in Unreal. In fact, up to version 5.6, the text for all the tooltips alone took up around 1 GB of storage space."
But I assume the 1GB storage for all tooltips include boilerplate. I doubt it is 1 GB of raw text.
The user can ever only see one single tooltip. (Or maybe more if you have tooltips for tooltips but I don't think Unreal has that, point is, a limited number.)
So initialize a single tooltip object. When the users mouses over an element with an tooltip, set the appropriate text, move the tooltip widget to the right position and show it. If the user moves away, hide it.
Simple and takes nearly no memory. Seems like some people still suffer from 90s OOP brain rot.