I have had it shrink right on the ironing board , yep just like you spritzed it and could literally watch it shrink.
It typically has happened to me with cheaper fabrics, and have gotten to the point where I can almost predict which one will , but every once in a while one I paid big $$$ will surprise me and shrink dramatically while I'm ironing it.
Most times I starch, iron then cut but ... sometimes when I don't ... Surprise... then I kick myself.