As a workaround, I created a separate Paragraph component that strips out all line breaks:

The Paragraph.astro file:

---
const html = (await Astro.slots.render("default")).replace(/[\r\n]/gm, "");
---

<div set:html={html} />

The I can just wrap my inline content like so:

<Paragraph>Here is <Inline text="some text"/>. to inline</Paragraph>