In cases like this it's probably best to measure. If you don't notice a difference then it doesn't matter.
My intuition tells me that, since your snippet size is very small and the plain text can be very big it would be better to truncate before hand. Take the performance hit in PHP so you don't spend a lot of time sending a large query to MySQL.
For readability and code clarity it would also be better to do the truncation in PHP because that makes it explicit. You can even do clever truncating by word or by sentence.