With canvas option has the same height as TLabel.
Without is the problem, we need to set an internal size when the font.height is zero to scale it to the os default, or set a fixed height in the constructor, but we need to know the value of the height.
This is a crazy thing that I never tested:
In Windows if you change the font height (changing the dpi settings) you are logged out, so there is not any problem on setting the font size on create.
In Ubuntu you can change the font without log out or restart! What happen to the application that is already running?
Of course is a situation that doesn't matter, you're not changing the font height 60 times on an hour =)