You change the correct parameter, whether in the main file or in the application / helpers file.
Double check the font you are using. Some fonts have one size, that's all. The default font file (texb.ttf) has only one size (? I think ...).
I am using the following configuration:
$this->load->helper('captcha');
$captchaSetup = array(
'img_path' => './captcha/',
'img_url' => base_url()."captcha/",
'font_path' => './assets/fonts/E004007T.TTF',
'img_width' => 250,
'img_height' => 50,
'expiration' => 7200
);
$capData['cap'] = create_captcha($captchaSetup);
Select the font file and put it in the font folder and try.