When I first read this option I thought that it was supposed to show you what item you would get from the block you were looking at, like getting raw iron from mining iron, but what it actually does is preview the icon of whatever you're looking at, whether it's an item entity or a block.

The strings can just be changed but I was wondering if this was supposed to be a feature that broke at some point.

If it turns out to be an inaccurate description I would suggest changing it to something like "view icon" or something along those lines.