The auto cancel should work unless a couple things are broken.
There's a small tab under the steering wheel that comes off the turn signal switch assembly that interfaces with a tab that comes off the horn contact ring on the steering wheel. If the tabs are broken that'll prevent it from auto canceling.
What's more likely is the hooks on the spring ended up breaking off.
That's what ended up breaking on mine, here's a broken one next to one that's still good.
You can buy a new turn signal switch assembly and it'll include all of those components (Just get the right one for the '73 steering column)
I ended up machining new hooks out of aluminum to fix it when it broke on mine.
The only thing is they're a bit of an annoying profile to machine out since they fit into a slot and have to slide back and forth inside of it.