Anwer is yes it does limit. This server parameter max_input_var sets it. You may have to increase it make it work.
php documentation :
max_input_var : How many input variables may be accepted (limit is applied to $_GET, $_POST and $_COOKIE superglobal separately). Use of this directive mitigates the possibility of denial of service attacks which use hash collisions. If there are more input variables than specified by this directive, an E_WARNING is issued, and further input variables are truncated from the request.