The way I handle this is to only show my text in paperspace. The text is still in model space but only shows in paper space, see attached file with settings. I set my text up in the text styles to my desired print height ( 1/8", 3/32"). By going this route, it keeps my model space clean and I control all my text (size, alias, elevation) through my viewport when in paper space. Using this method, regardless of my viewport scale, my text will always be the size I set it in my text styles.
