I have implemented this suggestion in 12.2. Starting with this version, sorting options set for the lookup ListView in the application model under the Sorting node will be considered when generating items for the drop down (refer to the attached screenshot where items are shown in the descending order).
If no sorting is specified, then items will be sorted alphabetically by the display value, as in previous versions.
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By when can we expect this suggestion to be implemented?
I am afraid that we cannot provide you with any time frames. This feature is definitely useful, but currently we have higher priority tasks. Thank you for your feedback.