I just installed the latest version of BOINC on my computer (Windows 7 64 bit).
The first thing I notice is the different look to the GUI. All the text is noticeable bigger. Since I installed it on all my other computers, and did not see that, a question comes to mind.

I have DPI scaling enabled on my desktop (runs at 2560x1600) to increase the font size for better readability. The previous BOINC GUI had readable font size for me.

Now am I correct to assume that the old version did not obey desktop DPI scaling and the latest version does? Hence the bigger than needed fonts for me. Is there a setting that enables me to reduce the font size?

The text gets adjusted in accordance to the user's DPI setting. If it's normal, the text is normal. If it's high, the text is bigger.

There is no option to adjust that in BOINC itself. You'll have to adjust that in the operating system. Prior to this change the text stayed the same, so on high DPI systems the text was unreadably small.

MGR: On MS Windows, adjust width of Task Control buttons, Event Log and Log Flags dialog for users DPI setting.
MGR: On MS Windows, make DPI setting detection more efficient and DPI adjustments more general.
MGR: On MS Windows, adjust Simple View metrics and images for users DPI setting.
MGR: Allow for floating point rounding errors when determining DPI settings.
MGR: On MS Windows, adjust Simple View images from skin file for users DPI setting.
MGR: On MS Windows, adjust sizes of images in Advanced Frame tabs and Computing Preferences tabs for users DPI setting.
MGR: On MS Windows, fix Attach Wizard to scale according to users DPI setting.
MGR: On MS Windows, scale Attach Wizard progress indicators according to user's DPI settings.

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I think having text slightly too big is better than unreadable.

This means that the program will be readable when I get my 4k monitor.