Please try attaching a "Content Size Fitter" component to your STM object, and setting "Horizontal Fit" to "Preferred Size" and you should get the result you want!
iirc, the "UI Wrap" and "UI Limit" booleans are holdovers from before I implemented content size fitter, so the toggles are there to change how the two work together. Since... if the text is being set to wrap at it's horizontal limit, but is also being set to it's preferred horizontal size... that would just do nothing anyway. I should probably make it so an "add content size fitter" button pops up if UI Wrap/UI Limit are unchecked and one isn't already attached to STM.