Layout Groups Do Not Take Scale Into Account

Example: Font preferred width = 100. I set font's rectTransform scale to 0.5, which means I need to set its LayoutElement preferredWidth to 50.

Expected Result: rectTransform is correct width based on scale and font is displaying correctly.

Actual Result: the font rectTransform is the correct width, however the text is being cut off because apparently preferredWidth itself does not take scale into account...it thinks it's preferred width needs to be 100 still in order to show all the text