Delivered with Trados Studio 2022. The font adaptation settings in File - Options - Editor - Font Adaptation now apply to both the standard translation editor as well as the alignment editor. 

There is one detail here that is important to be aware of. The font change does not apply dynamically – so if an alignment is already open in the alignment editor, changing the font size in the Editor settings won't have any effect. You need to close the editor and reopen it after changing the font size in the Editor settings. Or have them set before starting an alignment, which is probably the better flow. So, this flow will work best:

1. Go to File - Options - Editor - Font Adaptation, and set the desired sizes under 'Adapt font sizes'.
2. Now start the alignment. When the file opens in the alignment editor, these settings should now apply and you should see larger characters.  

And this flow should work as well:

1. Close the alignment editor (saving any .sdlalign file as required)
2. Adjust the settings under Options - Editor - Font Adaptation.
3. Re-open the alignment/.sdlalign file. The settings should now apply and you should see the larger characters.