It's great that in the formula editor one can add as much empty space as one likes to make the code as readable as possible... spaces, returns, blank lines, etc. Also great that fields in the formula...
If I read your response correctly…
…renaming a formula with a description, which we can do already with Favorited Forumlas, is yes, another level of “renaming” that’s available. It doesn’t address the needs for documenting what different parts of the formula are for and why. For example, a CASE statement with 10 WHEN… being able to comment the intent and logic behind each cannot be accomplished by saving/sharing the formula with a friendly name.
if you mean that Shared Formula DO allow in-line formula commenting, then that’s great news. Is that what you mean and can you share an image of that feature?