Limit the number of characters/words in an excerpt for a related posts section

You can use the get_the_excerpt filter to modify what’s printed by the_excerpt():

add_filter( 'get_the_excerpt', 'wpse_367505_excerpt' );
function wpse_367505_excerpt( $excerpt ) {
    return substr( $excerpt, 0, 50 ) . ' [Read More]';
}

You can change the [Read More] text to whatever you’d like.

Add this code to your theme’s functions.php file, and it should automatically filter your excerpts anywhere you use them.