I am using Photoshop 20.1 on an iMc Pro running macOS Catalina 10.15.3
When using Adobe Camera Raw to edit Nikon NEF raw files, all tooltips are blank, ie, the yellow tooltip placeholder appears when hovering the cursor over a button or tool but that placeholder is blank.
Tooltips are enabled in the Tools pane of Photoshop's preferences. Tooltips behave normally in Photoshop.
The following operations have not corrected this problem: I have restarted Photoshop. I have restarted my Mac. I have turned the tooltips preference on and off, restarting Photoshop after each change. I have reset Photoshop's preferences (holding down Command+Option+Shift when restarting Photoshop).
Given that PS family is probably the only suite of paid software that one can't get customer support for, here's a screen grab of the tooltip. Unless this is specifically designed for the annual eye exam, this has to be the most useless tooltip ever.
Version 12.3, an update to Camera Raw, went live on June 15, 2020 and contains a fix for this issue. Please install the update and respond back if it does not cure the issue for you. Thank you for your patience!