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Props yogeshbhutkar, joedolson, desrosj.

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Thanks, @desrosj for suggesting an improvement here.

Sure, it would be better to provide context to the translator. I've added a patch for the same. Thanks.

@yogeshbhutkar one more change! @SergeyBiryukov confirmed in track that wp.i18n.sprintf() is actually the correct function.

Thanks, @desrosj.

The changes are appended to the PR.

Merged in https://core.trac.wordpress.org/changeset/59426 & https://core.trac.wordpress.org/changeset/59431.