You can try trimming both directions of the text

Text(
    text = "Hello world",
    modifier = modifier
        .border(
        width = 1.dp,
        color = Color.Red
    ).padding(0.dp),
    style = MaterialTheme.typography.displaySmall.copy(
        lineHeightStyle = LineHeightStyle(
            alignment = LineHeightStyle.Alignment.Center,
            trim = LineHeightStyle.Trim.Both,
        ),
        platformStyle = PlatformTextStyle(
            includeFontPadding = false
        ),
    )
)