voffset text inside Label goes out of Label bounds when VisualElement is resized

Reproduction steps:
1. Open the attached “My project (3).zip“ project
2. Open “IN-32164_PBOffset.uxml”
3. Resize the “RED” VisualElement to make it smaller
4. Observe the Preview window

Expected result: Text stays in “LABEL” Label
Actual result: Text goes out of “LABEL” Label bounds

Reproducible with: 2022.2.0a9, 2022.2.8f1, 2023.1.0b6, 2023.2.0a4
Not reproducible with: 2021.3.19f1, 2022.2.0a8
Could not test with: 2020.3.45f1 (UI Builder does not function)

Reproduced on: macOS Monterey 12.6 (Intel)

Note: Also reproducible in Build