if autowrap makes a new line, this is only valid inside of the component.
I works like all text editors (like MS-Word, WordPerfect, Notepad), the text is only marked, when you mark a paragraph with the <RETURN> key.
As long as there is no paragraph, it is oriented on the window or document size.
If the size changes, the wrap is newly generated. There is no such thing as a linefeed.
If you like to have a behaviour, that there will be a hard break after so many characters, you have to program it yourself.
I would not do it, beacuse you might show the text in another window with a slightly different size. Then it will look weird.