Couldn’t find it as well for a moment, weirdly, but it’s here 

Hey there!
You can update the resizing setting for a text layer in the Layout section of the right sidebar. 

You can find more information in our guide: Text resizing.  

Hope this helps!

EDIT: Oh, I haven’t seen ​@Joanna_Dyba ‘s message before replying it! I confirm the option for auto height is under the Layout section.