I am also looking for the right way to do this, as good stuff. This is an ugly hack, I can make it work in Material 5:
Style:
.mat-option {
height: 50px;
line-height: 20px;
}
Template:
<mat-autocomplete #auto="matAutocomplete">
<mat-option *ngFor="let state of filteredStates | async" [value]="state.name">
<span>{{ state.name }}</span><br>
<small>Population: {{state.population}}</small>
</mat-option>
</mat-autocomplete>
Try here
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