Hey, wondered the same thing and found this page first without answer. After some digging, I found the answer here:
The trick is that you need to set Clipping to “clip to bounds”! Then you can put your text in a size box to limit the width and then you’re good to go.
Also if you are wrapping automatically, it doesn’t seem to work properly in all cases.
The reason seems to be that if the next line is even a little bit within the bounds, it will assume it should put the ellipsis there, so make sure you vertical space is properly set.
Hope it helps the next people wondering the same thing !