add_filter( 'arm_change_drip_content_in_admin', 'your_function', 10, 2);
function your_function($rule_text, $drip_rule) {
    //$rule_text Drip Rule text
    //$drip_rule Drip Rule array
    if ($drip_rule['rule_type'] == 'custom_type') {
        $rule_text = 'Custom Type';
    }
    return $rule_text;
}