I’d be pretty hesitant to adjust the positioning of the icon/main content as vertical centering is a pretty core component of getting a consistent look and feel.
Mockups without title truncation
Here’s some examples of what text looks like when it wraps rather than truncates on various tile sizes:
Medium Tile Size (160px) [Default]
Small Tile Size (120px)
Tiny Tile Size (80px)
Granted, my example text is probably much longer than most long device names, but it gives you an idea of the type of overflow that needs to be taken into consideration.
As you may notice in the screenshots, the main content size (icon and 96F) is dynamically adjusted. I considered something similar for the title, but the title font is already pretty small and if it was scaled linearly, the text starts to get to be too small to read… but I might still consider scaling this some other way.
All that being said, I’m looking into options for the titles… truncation will likely remain the default and if an option is allowed to add wrapping it would be something that would need to be explicitly toggled as there are side-effects of doing it. 