Adding UILabel to UIContentViewCell disturbs it's size

I have a UICollectionViewCell defined in storyboard which has a UILabel added to it's contentView. Collection view uses a flow layout and I return a fixed size of cell in flowlayout delegate as follows:

let sizeOfItem = CGFloat(210.0)

func collectionView(_ collectionView: UICollectionView, layout collectionViewLayout: UICollectionViewLayout, sizeForItemAt indexPath: IndexPath) -> CGSize {
   
    return CGSize(width: sizeOfItem, height: sizeOfItem)
}

I added the following constraint for UILabel in storyboard and the cell automatically starts resizing itself to match the text size in UILabel. This is not what I want. I want the cell to be fixed size and label to autoshrink instead.

I even tried setting contentHuggingPriority of label to lowest value (i.e. 1). This stops the cell from auto-shrinking if the text in label is small. But the cell grows when the text is bigger. I don't want this to happen either. I want the cell to remain fixed size and label to adapt it's font and be constrained within the cell.