This demo shows how to enable the text wrapping and overrun style feature provided by the DefaultLabelStyle class. The options include TextWrapping at word bounds and OverrunStyle with or without ellipsis.
Aside from wrapping in rectangular shapes, the TextWrappingShape property allows for wrapping in many more shapes like triangle, hexagon or ellipse. This can be combined with TextWrappingPadding and Insets to fine-tune the wrapping.