PowerShell Alternative
This is an old post and I read through the answers. Still, I found it a bit too painful to output multi-line large text fields unaltered from SSMS. I ended up writing a small C# program for my needs, but got to thinking it could probably be done using the command line. Turns out, it is fairly easy to do so with PowerShell.
Start by installing the SqlServer module from an administrative PowerShell.
Install-Module -Name SqlServer
Use Invoke-Sqlcmd to run your query:
$Rows = Invoke-Sqlcmd -Query "select BigColumn from SomeTable where Id = 123" `
-MaxCharLength 2147483647 -ConnectionString $ConnectionString
This will return an array of rows that you can output to the console as follows:
$Rows[0].BigColumn
Or output to a file as follows:
$Rows[0].BigColumn | Out-File -FilePath .\output.txt -Encoding UTF8
The result is a beautiful un-truncated text written to a file for viewing/editing. I am sure there is a similar command to save back the text to SQL Server, although that seems like a different question.
EDIT: It turns out that there was an answer by @dvlsc that described this approach as a secondary solution. I think because it was listed as a secondary answer, is the reason I missed it in the first place. I am going to leave my answer which focuses on the PowerShell approach, but wanted to at least give credit where it was due.