Funnily, I just got a phone able to display text or PDF or Office files on its small screen.
And I feel your pain, as the phone doesn't reformat to fit the screen, so I have to scroll horizontally and vertically to attempt to read: unusable!
Of course, I perceive your request as reasonable (I have set a shortcut on my favorite editor to trigger on/off wrapping...), but I fear it will be seen as low priority feature from the PDE developers (which I am not! although I took a look at the editor, as I would like to improve it too).
Now, I am not the one setting roadmaps for Processing! :-D
Side note: one issue with wrapping for code is that it can be ugly. So either you avoid wrapping outside of comments, as you point out, you cope with ugliness, or you hope for smart wrapping...
Ascii art example:
......FunctionCall(param1, param2, param3, param4)
can be wrapped (by default, eg. in Notepad) as:
......FunctionCall(param1, param2,
param3, param4)
or smartly as:
......FunctionCall(param1, param2,
..........param3, param4)