Times New Roman is not monospaced (it is proportional) - so the editor does not support it.
Well, it actually does, as you can see in the screen shot.
However, the results would look crappy, since Times New Roman font was not designed for "monospace"
The ideology of these two editors (SynEdit) and whatever - notpad-like editors are a bit different.
SynEdit is forcing "monospace" ignoring the actual width of the character. The width of the longest character ("W"??) in applied to all other characters.
Try to see how "column" selection would look like in LitePad

After all SynEdit is more of 2 dimensional array of characters, rather than a text editor.
Unlike notepads it allows to put cursor (and edit) the text - beyond line and/or text bounds.
Notepads limit you to put cursor within the text/line only.
That however, imposes some limitations, such as -- no wordwrap so far!