Currently, the text field has a limit of 255 characters, even when not using the next-gen.
We had a feature request suggesting to manually increase/decrease the limit, but it was closed as "Won't do":
As a workaround, you can use a free text field.
Sorry for the misunderstanding, indeed the fields created in the next-gen project are independent and the workaround provided on that feature will not be applied to the new projects.
I've created a new feature request based on your question:
Please, click on vote and watch to receive updates.
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