Prometheus is perfectly suited for these string values. The semi-static boolean 0/1 values compress very well, making it very efficient to store in the TSDB.
There are three ways to handle this in the snmp_exporter. Default DisplayString as you have it, EnumAsInfo, and EnumAsStateSet.
EnumAsInfo is useful for strings that you don't expect to change often / at all.
EnumAsStateSet is useful for metrics where you are expecting the state to change. I'm guessing for your use case you want to use this one.
Once you have this, you will get 8 series, but they will have a 0 or 1 for which the ENUM is set. Then you can graph 'cp850BitstreamFormat == 1' to view which is active.
It would help if you posted a link to the MIB, as it would help to understand the underlying data.