Whether the text is cut off or not is done automatically when drawing the string so you would need to get the available space and the string and then determine how much of it fits into the space when drawn.
Within the CellExporting event of the UltraDocumentExporter, you can get the text and the size with the following:
Size size = e.GridRow.GetCellSizeResolved(e.GridColumn);
string text = e.GridRow.GetCellText(e.GridColumn);
You can also change the value that is being exported by setting e.ExportValue to the string that you want to put in the PDF document.
What remains to be done is to determine the amount of characters that fit into the rectangle and the following should help you with that:
How to determine maximum number of characters given a fixed width font and a maximum width in pixels