The most common and most likely answer to this crossword clue is the 15 letter word THESCOTTISHPLAY
I've seen this crossword clue in The Guardian
T
H
E
S
C
O
T
T
I
S
H
P
L
A
Y
Buddy explains!

The straight part
We know that "Euphemistic drama" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case euphemistic drama = thescottishplay.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.