It's not broken, just it isn't publicly documented well. I found in code following comment for setInitialText: method:
// Sets the initial text to be posted. Returns NO if the sheet has already been
// presented to the user. On iOS 6.x, this returns NO if the specified text
// will not fit within the character space currently available; on iOS 7.0 and
// later, you may supply text with a length greater than the service supports,
// and the sheet will allow the user to edit it accordingly.
So, they allow you to set text greater then 140 characters, just you can't post this text because post button is disabled.