IF we add it, it's always a global setting, as it otherwise will require meta-data per field. It's also not really difficult to implement: the link David gave above allows you to examine which field it is and if it's a field you want to truncate, truncate the value. that's an easy setup for what you want.
In general, truncating text is a BL level decision, the entity just reports whether a value will fit. Doing this inside the entity might 'hide' the behavior, why some fields throw an exception and others accept a value which is too long.