Are you referring to the priority icon when you're in the queue view? I do see that the tooltip does show the full name of the priority when you hover over the icon, however, I understand wanting to save time by just looking at the screen.
I took a look at the current Suggestions and I see a very old one that was closed as won't fix - JRASERVER-895.
Since it has been so long and I do see others that want this feature I would suggest creating a new Suggestion on JAC and then posting the link here so the Community can vote on the feature to add impact.
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