On your new system/setup, there may not be enough room for the title.
I've done a lot of work recompiling Milkdrop2 for adding MDC (Cue) support. The original formatting of Song Title animations used the DT_SINGLELINE flag which forces a single line, even if CTRL_LF (line break) codes are in the string, or if clipping would otherwise occur. The DX9 version is noted as not supporting DT_ELLIPSIS modes - the ellipses are SUPPOSED to be added in various places when something got clipped by being too long for the single line. As I recall when I first started into this, I concluded that some form of ELLIPSIS must be the default because I could trigger it without the added flags. The DX11 version out there might have DT_ELLIPSIS_WORD or _END flags set.
You are welcome to use the MDC version of Milkdrop. It uses the DT_WORDBREAK flag that allows words to wrap in the title. It also recognizes CTRL_LF codes in MDC-cued Texts and Karaoke lines. VJ live-cued custom Messages are handled in the original way (I could change that if you rely on messages and they are doing this, too).
If you are compiling the source code - look for the milkdropfs.cpp code file. Then find the function ...:RenderStringToTitleTexture(). Scroll down to the section that handles title animations (not custom messages) and find the DT_SINGLELINE flag that appears in (I think) two places. Try replacing it with DT_WORDBREAK and if those results aren't what you like, you could try removing that flag altogether.