I was looking for something similar and found an asset in the godot asset library called Font Auto Size Labels. (https://godotengine.org/asset-library/asset/2866) It only worked well at design time and not runtime so I abandoned the idea and stuck with regular labels and using elipses. But I bet if you examine how the asset works, you might be able to get it function at runtime or learn how it works and roll your own. Good luck!
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