Mathematically, yes, there is a limit. But it's a stonkingly high number that is orders of magnitude beyond what any human could possibly find useful, and even a tiny fraction of the maximum would leave the field unusable in a browser.
I would strongly recommend keeping the number of options in a select list very very low. The 200-ish you find in a "countries" type list is already painful for humans, and only really useful because it's an easy concept. I'd question any single-select list with more than a couple of dozen items unless they're one of the highly recognisable lists of items like countries are.
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