Reproduction steps:
1. Create a new project and make sure new Hierarchy window is enabled
2. Enable Hierarchy Integration in Project Settings (Edit > Project Settings… > UI Toolkit)
3. GameObject > UI Toolkit > UI Document
4. Press "New" button in Source Asset field in the Inspector of UIDocument GameObject
5. Open UI Builder window by double-clicking on newly created UI Document
6. Drag and drop Label Element into Hierarchy
7. Enter Label text wit vOffset label (e.g. "Up <voffset=1em>up   <voffset=2em>UP</voffset> and <voffset=-0.5em>down</voffset> we go again.Up <voffset=1em>up   <voffset=2em>UP</voffset> and <voffset=-0.5em>down</voffset> we go again.Up <voffset=1em>up   <voffset=2em>UP</voffset> and <voffset=-0.5em>down</voffset> we go again.")
8. Change Overflow to "hidden" and Text Overflow to "ellipsis"
9. Hover over Label Element in the Editor Hierarchy

Actual result: Some parts of the text at the bottom are cut off
Expected result: Whole text is displayed

Reproducible with: 6000.3.8f1, 6000.4.0b8
Not reproducible with: 6000.5.0a6
Couldn’t reproduce with: 6000.0.67f1 (No Enable Hierarchy Integration option)

Reproduced on: macOS Sequoia 26.2 (M4)