I tried your repro case, and it behaves the same way in 1.9.3.
Did you experience a regression between versions?
The way the cache size is calculated, is a “good guess”. As the font has “all characters” set, we don’t want to create a possibly gigantic texture.
So the solution is the recommended one, if you know you need more cache space, you set the cache size explicitly.
So for now, unless you can find a regression, I will mark this as “works as intended”.