In Godot 4.5, line_separation no longer affects line breaks, including "\n".
However, it still works for "long lines" that are automatically wrapped.

[node name="DisclaimerLabel" type="RichTextLabel" parent="DisclaimerControl"]
layout_mode = 1
anchors_preset = 15
anchor_right = 1.0
anchor_bottom = 1.0
offset_left = 30.0
offset_right = -30.0
offset_bottom = -100.0
grow_horizontal = 2
grow_vertical = 2
theme_override_constants/line_separation = 50
bbcode_enabled = true
text = "Line 1
Long Line 2 Long Line 2 Long Line 2 Long Line 2 Long Line 2
Line 3\nLine 4"
scroll_active = false
shortcut_keys_enabled = false