The SIMPLE recovery model, automatically truncates the Transaction Log, therefore provided your Transaction Log size is sufficient to support your database workload then it will not continue to autogrow (this can only happen if the setting is enabled to permit this).
As a "very" general rule of thumb, you should set the initial size of your Transaction Log to be one third (1/3) the size of your database data file. Then over a settling in period determine the apporpriate size for "your" Transaction Log file, taking into account space required for Index Maintenance etc.
The majority of what you need to know on the subject can be researched here:
Recover Models and Transaction Log Management
So to qualify the specifics of your question it is the SIMPLE recovery model of the database that implements the automatic truncation of the Transaction Log file not the Share Point backup utility.
Hope this helps but feel free to pose further questions.....