As of JUCE v7.0.6 this is still an issue.
myTextEditor.setMultiLine(true, true);
myTextEditor.setTextToShowWhenEmpty("A string which is longer than what "
"can fit into the TextEditor without wrapping");
The resulting TextEditor elides the default text.
Also, any attempt to workaround by manually inserting line breaks doesn’t work either (see this feature request).
