Code is read far more than it is written. Therefore code legibility is important. Line length affects code legibility. Therefore line length is important.
Code can be read in more ways than one. More often than not you aren't interested in all the minor details in a single statement, but you're interested in the larger structure of some code unit (say, a function), and having dozens of wraps in a function hinders the ability to scan through the code vertically. Therefore, line length is unimportant.