Solution:1
You can use proper indentation to enhance the readability of the code:
$string = strip_tags(
utf8_decode(
html_entity_decode(
str_replace(
[
"\r\n\r\n",
'<br />',
'<br>',
'</p>'
],
"\r\n",
$string
),
ENT_QUOTES
)
)
);
But regardless of that I definitely would recommend to move such code into a separate function! That allows you to chose a name that describes what it actually does, so that you can keep the internal details of that logic out of the code where you apply it.