Yes, you can turn off the gray borders that highlights the current line:
If you want your ultra-long lines, I guess you need to turn on word-wrap. But as you note yourself, it's difficult to spot where the errors are since SQL Server only gives line numbers, not column numbers.
And, yes, with 200 columns in table that's a tall CREATE TABLE statement. Then again, 200 columns in a table is quite impractical from more than one perspective.