Consider using 'fontSizeMode: Text.Fit' as default for text

QtQuick does support fitting the text size to the bounding box.

 Text {
        minimumPixelSize: 12
        font.pixelSize: 82
        id: text1
        x: 588
        y: 419
        width: 88
        height: 77
        text: qsTr("Text")

        fontSizeMode: Text.Fit
    }

In this case resizing the bounding box in the 2d editor will resize the text.

Note that minimumPixelSize: 12 and font.pixelSize: 82 is required for this to work and defines the minimum/maximum.