No, it's not a simple toggle:
See this (incomplete) collage:

Every time the date string changes length, the status bar changes. the placement of the object gets varied, in some cases it turns into two lines (which is correct when the window is too small).
There are two length changing events: 9th->10th every month. and every new month. Luckily the used font has mono spaced digits, otherwise the statusbar would jiggle a bit every day.
The space in the statusbar reserved for the date is not long enough.
When calculating the needed space for the date string within the status bar, for a given UI scaling for all 12 months (in the configured language, with a 2-digit day of month) the length needs to be calculated to determine the longest. Then that shall result in a stable statusbar for a given window size.