I am about 6ft 4 so I never dry anything but socks or towels because even when I dry something (like boxers or plain white tee) on low or medium heat I notice shrinkage. And as to high quality, I've had Gitman Bros. shirts shrink in the dryer over time because that's just what happens.

Cotton does shrink in the dryer. Yes, higher quality dryers cause this less, but they all cause shrinking to some degree.