How to best answer "Tell me about yourself" during interviews

Hi Taro Community,

I am trying to think of the best way to structure my answer to the "self introduction" question during behavioral interviews for a new grad role.

Usually, I mention where I graduated as well as the past internship experiences most relevant to the job position.

Do you think it would be a good idea to also briefly mention a relevant project that I worked on? I was thinking it would demonstrate passion for software engineering, which is key # 1.

For example:
"During my [X] internship experience, I worked on [Y] project with a big impact. In this project, I collaborated with other groups, designed and implemented..., conducted end-to-end tests, and successfully launched it with [Z] impact."

I was also wondering about the timing for this question. Would it be fine if my answer takes 2-3 minutes, or would it be better to keep it at less than 1 minute?