All I can offer is that up to WF5 it was under File/Drawing Options. I don't know what it is for Creo, but it may be under File/Properties or File/Options or something like that. It is a setting that remains with the drawing, which is why it isn't with the other settings.
Sorry, that's the wrong answer - you mean in Sketcher, which isn't drawings. This is the same question, not answered: http://communities.ptc.com/message/198355#198355
Try TEXT_HEIGHT_FACTOR 40 in the config.pro. The tip is from Synthx; sy_tip_0307.htm which indicates a restart of ProE is required. Note, the larger the number the smaller the text. I dunno, that's what it says.
Formatting was fixed by: David Schenken