Conventions on subscripts and superscripts: "Math mode" or "text mode" for (relatively long) words?

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Is there any mathematical convention on the mode of writing (relatively long) words in subscripts or superscripts, i.e. either with a Latex math mode or with a text mode?

For example:

  • math mode: $A^{rotation}$
  • text mode: $A^{\text{rotation}}$

Note: This question is related to mathematical conventions for scientific writing, even though it might overlap with the domain of Latex.