Change strings for projects dropdown placeholder and error state

What does this MR do?

Changes strings for the new projects dropdown so they represent how the dropdown works better.

Are there points in the code the reviewer needs to double check?

Locale and spec strings

Why was this MR needed?

Screenshots (if relevant)

Does this MR meet the acceptance criteria?

• Changelog entry added, if necessary
• Documentation created/updated
• API support added
• Tests added for this feature/bug
• Review
  • Has been reviewed by UX
  • Has been reviewed by Frontend
  • Has been reviewed by Backend
  • Has been reviewed by Database
• Conform by the merge request performance guides
• Conform by the style guides
• Squashed related commits together

What are the relevant issue numbers?

Closes #37513 (closed)