bug(MATCHIP): Chip text doesn't truncate or wrap if the text length takes more width than the form field

### Is this a regression?

- [ ] Yes, this behavior used to work in the previous version

### The previous version in which this bug was not present was

_No response_

### Description

Chip text doesn't truncate or wrap if the text length takes more width than the form field . Remove icon button is also not visible

### Reproduction

StackBlitz link: https://stackblitz.com/edit/hnhs71mw?file=src%2Fexample%2Fchips-autocomplete-example.html
Steps to reproduce:
1.
2.

### Expected Behavior

Text inside the chip should either truncate or wrap and the remove icon button should be visible

### Actual Behavior

Text overflows the chip and the form field and the remove icon button is not visible

### Environment

- Angular:
- CDK/Material:
- Browser(s):
- Operating System (e.g. Windows, macOS, Ubuntu):

Start with the StackBlitz reproduction at src/example/chips-autocomplete-example.html and verify the overflowing chip text and hidden remove icon in the chips autocomplete example. Trace the related chip and form-field behavior from that example, then confirm that long chip text stays within the field and the remove button remains visible.

Written by the indexing model from the issue text.