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I am using Sublime Text 3, and I could not find the feature; if it is implemented, it is not documented.

Many coding conventions call for different values for "unit of indentation" and "tab character size"; for example, the Java conventions state that a unit of indentation is four spaces, but tabs must be set at eight spaces:

Here’s another idea:  The code folding options should be moved to the View menu, because they do not change the content.  The Edit menu is primarily for operations that actually change the content, along with a few other standard operations (like Find… and Select All) that don’t actually change the content but are closely related to operations that do (like Replace… and Cut).

Here’s a relevant excerpt from Microsoft’s interface design guidelines:
Place commands on the View menu that change the user’s view of data in the window.  Include commands on this menu that affect the view and not the data itself;— for example, Zoom or Outline.  Also include commands for controlling the display of particular interface elements in the view;— for example, Show Ruler or Show Status Bar.
I believe similar guidelines exist for Mac OS, but I wasn’t able to find them easily.

Oh, by the way, I also love Sublime Text.  I wouldn’t be commenting here if I didn’t care about making it even better!
Hmm, this line seems to be detected properly in Build 2181.  Maybe the bug is fixed?
Yes, abuse of the View menu is a pet peeve of mine, especially on the Windows platform.  The View menu is intended solely for commands that control the display of the content, not for commands that change the content or alter non-view-related settings.  I'm very pleased that Sublime Text avoided the most common abuse of the View menu, namely, trying to use it for things like "Preferences," "Settings," or anything else that pops up a dialog box!