Long refmt run time with a stack overflow on a file with a bunch of modules

I've distilled my file down to the following snippet:

module M1 = {
  include X({
    let r = x => {z: s => s};
  });
  let f = (m, x) => x;
  let f_z = (m, x) => x;
  let g = {z: s => s};
  let u = s => {z: s => s};
};

module M6 = {
  include X({
    let r = x => {z: s => s};
  });
  let f = (m, x) => x;
  let f_z = (m, x) => x;
  let g = {z: s => s};
  let u = s => {z: s => s};
};

module M5 = {
  include X({
    let r = x => {z: s => s};
  });
  let f = (m, x) => x;
  let f_z = (m, x) => x;
  let g = {z: s => s};
  let u = s => {z: s => s};
};

module M4 = {
  include X({
    let r = x => {z: s => s};
  });
  let f = (m, x) => x;
  let f_z = (m, x) => x;
  let g = {z: s => s};
  let u = s => {z: s => s};
};

module M3 = {
  include X({
    let r = x => {z: s => s};
  });
  let f = (m, x) => x;
  let f_z = (m, x) => x;
  let g = {z: s => s};
  let u = s => {z: s => s};
};

module M2 = {
  include X({
    let r = x => {z: s => s};
  });
  let f = (m, x) => x;
  let f_z = (m, x) => x;
  let g = {z: s => s};
  let u = s => {z: s => s};
};

Which still demonstrates the problem:

$ time refmt --print=binary refmt-repro.re > /dev/null
Stack overflow

real    0m17.570s
user    0m17.173s
sys     0m0.395s

Environment info:

• Linux buster 4.19.0-5-amd64 #1 SMP Debian 4.19.37-5 (2019-06-19) x86_64 GNU/Linux
• Reason 3.6.0 @ 59339f6
• OCaml 4.08.1

There is similar issue #2190 but looks like it's caused by different pattern of code.

Start by running the provided refmt --print=binary command against the distilled Reason snippet and inspect the refmt implementation paths it exercises. Compare this report with issue #2190, then verify that the reproduction completes without a stack overflow and retains correct formatting behavior.